My brother and I purchased an investment property under my brother’s name a little over a year ago. The problem is that we never added my name to the deed. We did write out our own agreement and we have not had any problems. The problem I am now having is when filing my taxes. Am I allowed to write off the interest, taxes, insurance etc. for the rental? How do I fix this problem. We are now going to be adding my name to the deed. But what can I do for the prior time?
You can take these as long as you are LIABLE for the payment…are you on the note?
Keith
rei - being on the deed and being on the note are two seperate things - just so you know.
if you have a written partnership agreement, you should file a partnership tax return, which will pass the appropriate income/expense through to your personal return.
even without a written agreement, you can still file a return for a “handshake” partnership.
the problem is dealing with 1099’s, 1098’s etc that will come in the name of the person on the mortgage, etc.
this can be handled, but takes a little work at tax time.
I am neither on the note or on the deed. We just wrote up a separate agreement that makes me liable. Thanks for the info.
liable for what?
what type of partnership is this?
the two of you own real estate together.
Liable for the payment. I was referring to Keith’s statement. We have a partnership agreement that covers the rental property in which both the deed and mortgage are in his name.
If you are not on the note or the deed, you’re kinda on shaky ground…maybe mcwagner or DaveT will weigh in as ti the validity of a partnership agreement holding up to IRS scruitney…
Keith