home tax shelter question

m1chael072 · Joined: 04 Feb 2008 Posts: 1 1.36 Dollars($)

We are a married couple and buying our first home I am planning to sign the mortgage loan under my name only and not have my wife as a cosigner for these reasons..

to stay with in our budget regarding the loan..

to protect her credit in the unfortunate event of foreclosure..

to allow possibel financing for an investment property in the future..

my question is this..

1. will her name be on the title
2. if we file our taxes jointly, can we still deduct our mortgage taxes etc??

thank you

thomascorrao · Posted: Mon Feb 04, 2008 10:55 am Post subject:

1) it depends on what state you are in, some states you must have her on the title.

2) Yes

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Michael,

Welcome to the forum.

Do you stay in a community property stay? If so then your wife's name will be 50 percent owner of the property. That means her name will also be on the title.

Best of luck.
Larry

adonis · Posted: Tue Feb 05, 2008 1:18 am Post subject:

If your wife is not on the loan, she cannot get tax deduction on mortgage interest.

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