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Buying Together |
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My girlfriend and I are buying a primary residence property with her money. We will each be 50% owners of the house. There will be no mortgage as the purchase will be entirely funded by her cash assets. Will I have any income tax or other tax liabilities that I should be aware of and if so how should the purchase be structured or what type of legal entity should be set up to limit or eliminate any current or future tax burden.? |
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I think the wrong person is asking me for advice.
When two unmarried persons buy together, it's important to go together to a lawyer and draw up an agreement that answers all sorts of "what-if"s about how to handle problems that might arise in the future. Your girlfriend didn't ask me for advice, and I'm not going to try answering your questions. I would just advise strongly that you two -- and particularly the one who's putting up the money -- discuss the whole situation, what goals you're aiming for, and what should be done about all sorts of complications that sometimes show up later in such an arrangement. A lawyer is the one to answer your tax questions, and also some other questions that may not have occurred to you. |
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Edith
Originally published on August 25, 2007 |
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