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Financial Planning / Tax Strategies


Subject:  Mortgages and equal ownership Date:  6/7/2009  1:29 PM
Author:  mispoken Number:  106227 of 130003

My girlfriend and I are going to buy a condo together in the next month or two. 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. 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'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. Thanks!
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