Partnerships And Tax Benefits

If my partner and I take title as tenants in common, can he (the money partner) take all the tax benefits if we equally own 50 percent of the property. If so how?

Comments(3)

  • InActive_Account13th October, 2004

    Yes he can,but only with your permission.

  • InActive_Account14th October, 2004

    Can you explain further what tax benefits you are referencing?

    Do you mean allocating, for instance, 100% of the depreciation allowance to him?

    Yes, you can do this. You would want to make sure your agreement is documented in the partnership agreement and/or articles of organization.

  • nib4515th October, 2004

    Thanks for the replies...Yes, I'm talking about any tax writeoffs possible. Interest, property tax, depreciation. We have a private Co-Ownership agreement we drew up. Stating that he gets all tax benefits will be sufficient for the IRS, provided I don't try to claim them?

Add Comment

Login To Comment