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Financial Planning / Tax Strategies


Subject:  Re: Shacking up, filing separately, please help Date:  11/12/2003  9:47 AM
Author:  wtam Number:  67538 of 127753

interesting. in this case, home equity indebtedness seems to still apply, but i would have assumed the loan is still acquisition debt on the property, even if the taxpayer is not actual title holder. debt secured by property, for which the taxpayer is legally obligated. i don't really see why explicit ownership would be required.

also, when you say the property must be used as a residence, that is distinct from "primary residence", correct? a person may have a number of residences, but only one primary residence that would qualify for the capital gains exclusion after being an owner and living there for two years?

thanks again for your thoughts and insights.
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