Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121599  
Subject: Re: Mortgages and equal ownership Date: 6/7/2009 1:44 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
mispoken: "My girlfriend and I are going to buy a condo together in the next month or two."

Think long and hard about this choice. I am sure that Phil will be along sometime with his $0.02. If you still decide to do this, then spendsome time and money to obtain a good co-owners' agreement!!!

"The city of Chicago has a great tax incentive program going right now, but our two incomes combined will exceed the maximum income allowed for the program. I am considering just getting the mortgage in my name to keep us under the income limit. We both would still own equal parts and make all payments and down payments together."

You need to investigate further. I am uncertain whether any lender will loan you 80% of the value of the condo if you own only 50% of the condo.

"If we did something like that would we both still be able to claim mortgage interest paid and the first time home buyers tax credit equally?"

I amno tax expert, but defintely no on the mortgage interest; she cannot claim a deduction for paying interest on a mortgage that she does not owe.

"I'm just curious to know if the mortgage is in one name what the tax ramifications if any would be, she would still be on the title of the home if that is possible."

No sane lender will loan on the full value of the house and take a mortgage on only 1/2 the house!

Regards, JAFO
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement