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Refinanced to buy out (Tenants in Common)
Hello,
Hopefully someone can help me with my somewhat confusing situation. I owned a duplex (that we lived in 1/2 of) with another person. Last February, I wanted to buy him out, so we re-financed and now I am the sole owner of the property. I am trying to figure out how or if this affects my tax return for 2009. Is this buy-out seen as a purchase? Or simply a refinance.. (which, to my knowledge, has no effect on taxes). The guy who I bought-out took his taxes to a prepare who informed him that he would be subject to paying capital gains tax based on the depreciation he took on the house while he lived here. This seems strange to me -- but it seems as if it is approached as him having sold the house -- so would it work the opposite way in that I would be purchasing his half? Any help would be greatly appreciated... Thank you |
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The reason you received no answer is that your description was NOT clear.
It could be interpreted that you lived in one side of the duplex and he lived in the other side. OR You both lived in one side of the duplex, the other side was rented, and you equally owned the entire duplex. I am a bit surprised no one asked for a clarification, though. |
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