I purchased a home as an investment property 2 years ago now Refinanced it, and added my daughter
This year I refinanced the property and added my daughter to the loan. She currently is living in it, and I am still the investor she applied for home stead I am paying half the mortgage on the property. How do we claim this?
do we split it? Do we both claim it , do I claim it as an investment property still? Thank you for your help.
Answers
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If the property was purchased for investment purposes only and was not rented during 2023, you do not need to report any income until the property is sold. At that time, you will report a gain or loss depending on the cost basis and sale of the property.
For 2023, if you itemize your deductions, you will claim your portion of the mortgage interest and/or property taxes on Schedule A.
Your daughter can also claim her portion of the mortgage interest and/property taxes on her return as applicable.
