View Full Version: Buying Reo Without Wifes Name

Buying Reo Without Wifes Name

billfaith
2008-01-15 14:36

Hello

I am in Wisconsin and just got an accepted offer on a REO property we are buying as a rental. I negotiated the offer using my name for simplicity sake so I didnt need to have my wife run around signing anything. The mortgage company wants to put the loan in my name only also since all the other paperwork is the same. My question is come tax time when doing our taxes, will this affect how they are done? We file married filing jointly. Do I just do everything on our joint tax return or does it being in my name only change anything?
Bill

dnvrkid
2008-01-15 15:00

I think you can answer this yourself. Does your paycheck come with both your wife's and your name on it? Probably not, but yet it goes on your joint tax return.

Same thing here. Your income and expenses will get reported on your return even if it is only in your name.

Good Luck.

[ Edited by dnvrkid on Date 01/15/2008 ]

cjmazur
2008-01-15 15:48

can you vest as a married man as his sole and separate property?

NewKidInTown3
2008-01-17 00:40

Quote:

On 2008-01-15 15:48, cjmazur wrote:
can you vest as a married man as his sole and separate property?


Depends upon the state. A community property state may allow this with the other spouses written consent, otherwise the default is joint ownership. Some states will allow sole owner on title as a married person, but will require the spouse's cooperation when the property is sold. Other states allow married owners to purchase and sell as sole owners.

sahurst
2008-01-26 18:40

I agree, its state to state. In Texas, investment property can be held in one persons name.

Scott in San Antonio

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