- posted 10 years ago
Situation: I currently own a home, which I bought for around 200K a few years ago. I guess it is worth about the same value now. I?ve already paid about 100K so far. However, I am unemployed now. I guess I will not seek another employment for the near term. My partner lives with me for the past years. He is willing to help me with the rest house payment, and of course he also wants to own half of the house. In the mean time he could be qualified as a first-time home owner.
Solution 1: I add him to the house deed. So we co-own the house. And then the mortgage will be refinanced to him. But I guess he won?t be able to take advantage of the $8000 tax benefits, right? We also want to make the legal agreement that we each have the 50% share of the house. But how to do that?
Solution 2: I sell the house to him for 100K. So he could definitely get the tax benefit. But I am worried my rights won?t be protected. Although my name won?t be listed in house deed, can we still make a legal contract that I own half of the house?
Solution 3: I simply sell the house. And let him buy another house so we can move in. But the moving, selling the house, all the hassels?..
You opinion will be greatly appreciated!