bigbargains
Junior Member
What is the name of your state? Arizona
My husband has a partnership with a friend in Arizona. They bought a rental house several years ago and the mortgage is in my husband's name and on his credit report, etc. It's kind of a pain when we go to buy things because it counts against us.
This is my question - Can we transfer responsibility of the mortgage to the partnership as well as ownership? Right now on the deed it is my husband and his friend 50/50 with the wives inheriting should something happen to either husband.
I am also wondering about the tax implications when the sale occurs. Since the mortgage is in my husband's name, would he legally be the only one responsible for the taxes on the sale? I know his friend would pay half if that were the case, but it makes for odd tax return filings! If we could transfer the mortgage and the ownership to the partnership and sold the property would the tax implications be any different?
We will not put profit money toward a new primary residence, but maybe more investment property.
Whew! That was a lot of questions. Perhaps there is someone that can help even a little.
Thank you for reading!
My husband has a partnership with a friend in Arizona. They bought a rental house several years ago and the mortgage is in my husband's name and on his credit report, etc. It's kind of a pain when we go to buy things because it counts against us.
This is my question - Can we transfer responsibility of the mortgage to the partnership as well as ownership? Right now on the deed it is my husband and his friend 50/50 with the wives inheriting should something happen to either husband.
I am also wondering about the tax implications when the sale occurs. Since the mortgage is in my husband's name, would he legally be the only one responsible for the taxes on the sale? I know his friend would pay half if that were the case, but it makes for odd tax return filings! If we could transfer the mortgage and the ownership to the partnership and sold the property would the tax implications be any different?
We will not put profit money toward a new primary residence, but maybe more investment property.
Whew! That was a lot of questions. Perhaps there is someone that can help even a little.
Thank you for reading!