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?
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?