I just purchased a timeshare property with my sister who is still in college. I'm just wondering if her name is on the deed if she will have to claim that somewhere on taxes this year?
2006-11-27 00:02:46 · 3 answers · asked by jmk_jenmarie 3 in Business & Finance ➔ Taxes ➔ United States
Not until it's sold, or if you rent it out and make money from it rather than using your time yourselves.
2006-11-27 02:03:46 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you made money, most certainly. If you are going to list it as a business, you will also have to show the income and expenses associated with it.
And how do you own it? Joint Tenants? Tenants in Common? What does the contract say?
2006-11-27 00:06:33 · answer #2 · answered by Aggie80 5 · 0⤊ 0⤋
if theres income from it whoever gets it claims it, and files it.
2006-11-27 00:05:47 · answer #3 · answered by David B 6 · 0⤊ 0⤋