My boyfriend and I are buying a house together. We are not married but planning to get married in a year or so. The mortgage will be on his name only, but the title of the new house will be held by both of us as “Joint Tenancy With Right of Survivorship”. Can I claim half of the interest paid and property tax on my tax return since I will be paying for half of the mortgage?
I currently own another house by myself. I would like to add my brother’s name to the title as “Tenants in common”. We will not refinance (his credit is not so good) and he will pay the remaining mortgage on the house. Can he claim the interest paid and the property tax on his tax return? If so, can he claim all or half? Will he have to pay gift tax?
Now that I will have ownership on two properties, will I have to pay more property tax on one of the houses as it will not be my primary residence?
Thanks.
I currently own another house by myself. I would like to add my brother’s name to the title as “Tenants in common”. We will not refinance (his credit is not so good) and he will pay the remaining mortgage on the house. Can he claim the interest paid and the property tax on his tax return? If so, can he claim all or half? Will he have to pay gift tax?
Now that I will have ownership on two properties, will I have to pay more property tax on one of the houses as it will not be my primary residence?
Thanks.