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Joint ownership - only one on deed

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twistyhair

Junior Member
What is the name of your state (only U.S. law)? Virginia

Thanks in advance for your help. I live in Virginia. My sister and I are jointly purchasing a co-op in New York. We each pay half of the mortgage and monthly common charges, but the mortgage, deed and all other documents are in her name. My sister also owns another co-op in the same building and can only take a deduction on the one in which she resides.

We are trying to find out if there is a way for me to take a tax deduction for the apartment we are jointly purchasing. While we're at it, we are also trying to determine the best way to protect both parties given that to-date, this has been an informal arrangement. What documents do we need to have in place to ensure transfer of ownership in the event of the demise of either one of us?
 


HomeGuru

Senior Member
What is the name of your state (only U.S. law)? Virginia

Thanks in advance for your help. I live in Virginia. My sister and I are jointly purchasing a co-op in New York. We each pay half of the mortgage and monthly common charges, but the mortgage, deed and all other documents are in her name. My sister also owns another co-op in the same building and can only take a deduction on the one in which she resides.

We are trying to find out if there is a way for me to take a tax deduction for the apartment we are jointly purchasing. While we're at it, we are also trying to determine the best way to protect both parties given that to-date, this has been an informal arrangement. What documents do we need to have in place to ensure transfer of ownership in the event of the demise of either one of us?


**A: it appears you possibly have your terms mixed up. If you are buying a coop, there generally is not a deed as the transfer instrument. And if the title to the property is only in her name, you cannot take the deduction unless other ownership documentation have been arranged.
 

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