X
xander
Guest
What is the name of your state? NY
Purchase Price : $50k
Selling Price: $159k
Gain: $100k
Hi,
I bought a co-op in Nassau County, NY in 1998. The original contract of sale has my name and the sellers na,es (married couple). My parents co-signed my mortgage and their names (along with mine) are listed on the mortgage and pretty much every other document I have (including the co-op share certificates).
This is my primary residence (in NY) and their primary residence is in Florida. I pay all mortgage and maintenance fees and claim all the mortage interest, etc. on my taxes. They claim nothing on their taxes for it. As far as we are concerned it was mine whenever the mortgage was paid off or I wanted to sell it.
Now I am selling. I went to contract about a week ago and when the contract for the sale was drawn up it had all 3 of our names as the 'Seller'. We all signed it but now that I have looked back at my old contract from 1998, I see that only my name is on it.
My questions are:
1. In terms of the new contract...should only my name be on the contract since only my name was on the original? Does it matter that their names are on all the other documents (mortgage, share certificates, etc)?
2. In terms of taxes - should they worry about paying any since this is not their primary residence and they are out of state? Is it possible their names were left off the original contract in order for them to avoid paying taxes since they were only co-signing to help me get my mortgage? As far as I am concerned I beleive that I am not obligated to any taxes since this is my primary residence for over 2 yrs.
I am consulting my attorney, but in terms of the taxes, he is telling me is does not know and I need to consult my accountant. I don't have an accountant though so I want to try to find out as much info. as I can. I have read all info. on NY and Federal tax sites (IRS) but can't find anything that specifically addresses my issues.
Thank you to anyone that responds with any help.
Best Regards.
Purchase Price : $50k
Selling Price: $159k
Gain: $100k
Hi,
I bought a co-op in Nassau County, NY in 1998. The original contract of sale has my name and the sellers na,es (married couple). My parents co-signed my mortgage and their names (along with mine) are listed on the mortgage and pretty much every other document I have (including the co-op share certificates).
This is my primary residence (in NY) and their primary residence is in Florida. I pay all mortgage and maintenance fees and claim all the mortage interest, etc. on my taxes. They claim nothing on their taxes for it. As far as we are concerned it was mine whenever the mortgage was paid off or I wanted to sell it.
Now I am selling. I went to contract about a week ago and when the contract for the sale was drawn up it had all 3 of our names as the 'Seller'. We all signed it but now that I have looked back at my old contract from 1998, I see that only my name is on it.
My questions are:
1. In terms of the new contract...should only my name be on the contract since only my name was on the original? Does it matter that their names are on all the other documents (mortgage, share certificates, etc)?
2. In terms of taxes - should they worry about paying any since this is not their primary residence and they are out of state? Is it possible their names were left off the original contract in order for them to avoid paying taxes since they were only co-signing to help me get my mortgage? As far as I am concerned I beleive that I am not obligated to any taxes since this is my primary residence for over 2 yrs.
I am consulting my attorney, but in terms of the taxes, he is telling me is does not know and I need to consult my accountant. I don't have an accountant though so I want to try to find out as much info. as I can. I have read all info. on NY and Federal tax sites (IRS) but can't find anything that specifically addresses my issues.
Thank you to anyone that responds with any help.
Best Regards.