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Updated over 8 years ago on . Most recent reply

User Stats

4
Posts
1
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Nate Turner
  • Investor
  • Provo, UT
1
Votes |
4
Posts

Capital Gains w/ Cosigner

Nate Turner
  • Investor
  • Provo, UT
Posted
Ok, so we are just about to sell our single family w/ legal accessory that we bought less than a year ago, and I'm researching how capital gains is going to work. I have a cosigner on the loan who is in the highest tax bracket who I will be splitting the profit from the sale with. With this profit counted as just my income, I would still only be in the 15% tax bracket as I understand it. Question: Do I need to have the cosigner sign he property over to me so I get the lower tax rate on capital gains? OR are we supposed to both take our individual splits of the $$ and then count the capital gains tax separately based on our own tax bracket? Thanks!

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