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I have a rental property. If I am not on the title, but all of the financing (mortgage, heloc) is in my name, who gets to claim the property?

Forum|Forum|6 years ago
January 8, 2020
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Best answer by Anonymous_

Generally, it is the owner(s) who report income and expenses from the rental, including any interest expense.

Regardless, you need to provide more details. Why are you not on title but, ostensibly, providing all of the financing for the rental property?

A

Anonymous_Answer

Employee

Generally, it is the owner(s) who report income and expenses from the rental, including any interest expense.

Regardless, you need to provide more details. Why are you not on title but, ostensibly, providing all of the financing for the rental property?

A

alfred6Author

Thanks tagteam!

The situation is complicated, as it's for my mother. The hope is that this an option to sell the property as a first home to avoid capital gains tax after 2 years.

I haven't transferred the title yet and wanted to ask in the very unlikely event of which I mentioned. At that point, it would not be an investment/rental property and would be claimed as her home.

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Anonymous_

Employee

@alfred6 wrote:
The situation is complicated, as it's for my mother. The hope is that this an option to sell the property as a first home to avoid capital gains tax after 2 years.

I understand, but is your mother on title or not? In order to use the Section 121 exclusion, she has to have an ownership interest.