How do I approach property ownership and prime residence taxing? Posted on March 04, 2011My wife and I have a condo as a second home in Illinois, Cook County. This condo is in our joint ownership and fully paid off. Since it is not our prime residence we cannot take a property tax advantage and reduce our property tax.
Since we bought this condo 7-8 years ago our daughter lives there. If we add our daughter on the title as a joint tenant, then the condo will become her prime residence.
Since we live in California and our daughter will be living in IL would it be possible to get tax advantage on this property?