Thank you in advance of any advice!
I purchased a home with fiance’ and titled joint tenants. I took all the loans in my name, provided all the personal funding to carry the project, did 80% of labor and even took 100% of the gain onto my social security number so she would not mess up her income level for medicare. We sold the home after 4 months and netted $40,000.
We reinvested the gain from property #1, which I paid the income tax on, into the property #2 and put $40,000 down. I am the only one on property #2 title and loan. As you can guess, we have broke up and she has moved out of proerty #2. The gain from property #1 is tied up in property #2, I want to pay her and I am curious if anyone has any idea legally what I would owe her? I would just like to pay her 25% for her risk, effort and exposure, because it trulywas minimal in comparison. Are partition action ever used in joint tenants or just in tenants in common?
Thanks