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<p class="MsoNormal">Having a bit of a disagreement with opposing party's CPA about the tax effects of a tenant-in-common ownership between two unrelated parties. For no reason I can discern, the CPA is insisting that the IRS tax/deduction rules (for example,
for mortgage interest deductions, payment of property taxes, etc.) only work if the tenant-in-common interests are equal: that is, 50-50, equal thirds, equal fourths, whatever.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">So far as I know, the deductions are available proportionate to one's interest regardless of whether it is a mathematically equal interest to the other co-owners. If you own a 22.266% interest, then you can deduct 22.266% of the expenses
(assuming that you paid your proportionate share, of course).<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Am I nuts? Is there an IRS code or regulation that requires TIC interests to be equal?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">1417 31st Ave South<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Seattle WA 98144-3909<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">phone 206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">fax 206-625-9040<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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