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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] taxes/ investment Posted by Gcastro on April 11, 2003 at 9:51 AM Ward, my partner and I have purchase a property from a Bank. The property was put on my partners name only. I paid $30,000 and he paid 40,000. (Total price of 70K) The property is a fixer upper. I will spend about 10,000 in repairs from my own money. My partner will send me a 1099 once the property sells. However, here is the question: We are selling the property for 100K, so we made about 20K profit. However since the property is only on my partners name, when he sends me a 1099 for $50K it is going to appear as if I made $50K, but in reality I only made 10K profit. When I pay taxes, would I be able to deduct 30K that I paid for the property and $10,000 (for repairs)that I spent on repairs, since my name is not currently on the title? This may sound like a sily question, but I am confused (don't know much about taxes) Follow Ups: Income is taxed, not the return of capital.. Ward-CA- 11:55 PM, 04/11/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, my partner and I have purchase a property from a Bank. The property was put on my partners name only. I paid $30,000 and he paid 40,000. (Total price of 70K) The property is a fixer upper. I will spend about 10,000 in repairs from my own money. My partner will send me a 1099 once the property sells. However, here is the question: : We are selling the property for 100K, so we made about 20K profit. However since the property is only on my partners name, when he sends me a 1099 for $50K it is going to appear as if I made $50K, but in reality I only made 10K profit. When I pay taxes, would I be able to deduct 30K that I paid for the property and $10,000 (for repairs)that I spent on repairs, since my name is not currently on the title? : This may sound like a sily question, but I am confused (don't know much about taxes) Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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