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OCCUPANCY OF JOINTLY OWNED HOME DOESN'T MATTER
Robert J. Bruss
October, 12
 DEAR BOB: My brother and I own a house as joint tenants with
right of survivorship. However, I alone will be living in the house for two
years. If we then sell it, will all the capital gains tax reflect on my Social
Security number or his as well? We are both listed on the mortgage and the
title --Shahram H.
DEAR SHAHRAM: The fact you will be occupying the house alone
for two years has no effect on the title.
When you and your brother sell the house in two years, the
capital gain will be divided equally between you since you are equal co-owners.
Both Social Security numbers should appear on the IRS Form 1099, which will be
prepared by the attorney or title settlement firm handling the closing.
(For more information on Bob Bruss publications, visit his
Real Estate Center). Copyright 2006 Inman News
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