Who should own the new home?
We are currently buying a home near us to renovate for our son with ALS. We were going to put it in his name, but since he may incur a lot of debt, we don’t want to lose our investment.
Our home is in my wife’s name only. If we purchase the new house in my name, is it considered a rental? Should I make it my homestead and then file our federal income taxes “married filing separately?”
We are currently buying a home near us to renovate for our son with ALS. We were going to put it in his name, but since he may incur a lot of debt, we don’t want to lose our investment.
Our home is in my wife’s name only. If we purchase the new house in my name, is it considered a rental? Should I make it my homestead and then file our federal income taxes “married filing separately?”