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Originally Posted by WindyCityPilot  Be careful about buying property with someone who you are not married to. I have a few friends who made that mistake and it got ugly when they broke up. One person should own it and the other should pay "rent" or their share of the monthly payments. Much easier that way. That's my take on it. |
I would like to add, however, that no matter how you decide to take title, if you are married and filing jointly for 2+ years upon sale of the property, you get a $500,000 captial gains tax incentive instead of the usual $250,000. Just something to think about
