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Old 11-07-2017, 07:51 PM
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Joint Tenants Splitting Capital Gains on Rental Property

I am a co-owner of a single family residence that has been a rental since it was purchased. The title is held in Joint tenancy with each owner having 50% ownership. We have each taken 50% of the income, expenses, and depreciation on our tax returns each year.

We are selling the property, and I would like to split the capital gains at 70%-30%, to keep one of us in a lower tax bracket and minimize taxes. Can we do this?



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Old 11-08-2017, 01:07 AM
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the capital gain is divided up based on a percentage of ownership in the rental property, and each party pays his or her respective capital gains tax. This can be favorable or unfavorable based on your individual circumstances.



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Old 11-08-2017, 10:33 AM
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Thank you for the response.



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Old 11-08-2017, 08:43 PM
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Quote:
Originally Posted by smbrick View Post
Thank you for the response.
thank you; good luck~



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