Legal Question in Real Estate Law in New York

Who pays income tax on property held in Joint Tenancy

My brother and I own a property together, in joint tenancy, as identified on the deed, which conveyed the property to both of us at the same time.

In this case, is it OK to report the income/losses in any proportion between us between 0 and 100? I know my brother has no intention of reporting the property on his taxes. In this case, should I report the whole 100% myself? Or just report 50%, and leave it up to him to ammend his taxes, and report the other halve?


Asked on 3/28/04, 2:39 am

1 Answer from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Who pays income tax on property held in Joint Tenancy

There is an obligation to pay the entire tax. How it is done is up to you. But 100% of the tax must be paid.

Good Luck.

RRG

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Answered on 3/28/04, 2:42 am


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