I'm wondering if anyone has any experience buying with a partner, but only putting one name on the loan? I'm mostly thinking of the tax impact of such a move and how income/expenses would be reported. Any advice would be greatly appreciated. Thanks.
Why would someone put money towards a property without having a legal claim to it, no name, no claim,,
Use a LLC if you want a partnership type of business and put a percentage of ownership per each partner. Title property in name of the LLC.
@Kyle Quaranta there's all sorts of ways around this. Think about the loan being a separate item that the deed of the property. In theory, I could be responsible for the loan and you be on title. So if you wanted to be on the loan yourself, you could then have you and your partner on title of the home. Title = ownership. Loan = debt responsibility. 2 people can own the home while just one person can be on the loan. The tax implications do not have anything to do with who's on title as your agreement might give more income to one party over the other. So the tax liability will be based on the % of ownership in the partnership...I'm assuming it's a partnership since you stated "partner"...or just amount of income that someone receives. I hope this helps.
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