unmarried, taking title, living together arrangement

[zezee]

California, Pasadena. I am a single woman and am buying a home with my down payment and my good credit. My boyfriend (bad credit) and I will live in the home. He will make all payment for everything and also take interest and property tax deductions. Since I have made the down-payment and the loan is in my name, how, and at what point, can/do I add him to the title. We would want our previous property to be serate and no co-mingled with this property. He would like some security that after a certain amount of time he will also have the benefit of ownership, and, not be vicitim to being kicked out. What is the best contractural arrangement for this situation? Thank you. Also, I have a seperate trust for other assets & children and will not co-mingle them. He does not have assets but he does have children that he will exclude from any inheritance.

 

[moburkes]

California, Pasadena. I am a single woman and am buying a home with my down payment and my good credit. My boyfriend (bad credit) and I will live in the home. He will make all payment for everything and also take interest and property tax deductions. Since I have made the down-payment and the loan is in my name, how, and at what point, can/do I add him to the title. We would want our previous property to be serate and no co-mingled with this property. He would like some security that after a certain amount of time he will also have the benefit of ownership, and, not be vicitim to being kicked out. What is the best contractural arrangement for this situation? Thank you. Also, I have a seperate trust for other assets & children and will not co-mingle them. He does not have assets but he does have children that he will exclude from any inheritance.

There is no best, contractual relationship. Seriously.

 

[TinkerBelleLuvr]

He will make all payment for everything and also take interest and property tax deductions.

He cannot legally deduct from his taxes the above to which he has NO ownership; he must be on the mortgage/title to take these.

From the IRS website:

Include taxes (state, local, or foreign) you paid on real estate you own that was not used for business, but only if the taxes are based on the assessed value of the property.

Enter on line 10 mortgage interest and points reported to you on Form 1098 under your social security number (SSN). If this form shows any refund of overpaid interest, do not reduce your deduction by the refund. Instead, see the instructions for Form 1040, line 21. If you and at least one other person (other than your spouse if filing jointly) were liable for and paid interest on the mortgage, and the interest was reported on Form 1098 under the other person's SSN, report your share of the interest on line 11 (as explained in the line 11 instructions below).