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I own a condo with a family member, but we have no official "partnership". Are we both considered partial owners, or do we both own 100% of the property?

Forum|Forum|6 years ago
February 16, 2020
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Best answer by ColeenD3

It is impossible for you to both own 100%. If this is a personal home, it is informal. If you were to sell, you would each claim 50% of the cost and sales price.

If it is a rental property, you would need to indicate at the set-up that you own 50% so each of you gets half the expenses and income.

ColeenD3Answer

It is impossible for you to both own 100%. If this is a personal home, it is informal. If you were to sell, you would each claim 50% of the cost and sales price.

If it is a rental property, you would need to indicate at the set-up that you own 50% so each of you gets half the expenses and income.

T

taxnewbie19Author

Thanks @ColeenD3! When I input that we both own 50%, if I choose to input Total Amounts and have Turbotax half everything, it improperly halves my 1099-MISC (which was already halved by our property management company) and Turbotax won't let me override that amount. So, I need to select to input 50% of the totals, which is fine. However, as we just inherited this condo, Turbotax asks depreciation questions - fair market value, land value, improvement value. Since I'm entering 50% amounts for everything, do I also halve these numbers? Thank you - I greatly appreciate any help you can provide.