Partner pay Capital Gains Tax?
I bought a house this year w/ my brother to try flipping. I covered all the expenses (cash to buy, closing costs, condo fees, etc). I’ll be selling it (nine months in). No mortgage and we are both on deed. Can I have my brother claim all the short term capital gains on his taxes, since he’ll be in a much lower tax bracket than myself?
Thanks for visiting our site and posting on the forum. Congratulations on your house purchase. I think our guide on property tax deductions will be helpful to you, as well as our guide on how much does it cost to flip a house. In terms of answering your specific question on can your brother claim all the short term capital gains taxes, unfortunately, we’re not tax professionals and can’t give tax advice. I recommend consulting with a CPA about this and any other tax related questions that come up related to flipping houses.
Best of luck with flipping the property,