tax shelter real estate
Is fiance taking advantage of me? Should I buy house & not have name on deed to give him exempt tax status?
My fiance and I own our own homes and he has an LLC with two partners. Recently we were looking at buying a new home together without selling our respective properties and both of us pulling our money together for a down payment. He informed me that he would have to have his name on the deed, without mine being on it, for a tax shelter/break because he claims exempt at work to not pay taxes because of all of the losses he has through his real estate investments and that he would have to use our home as a shelter to continue to claim exempt at work to continue to make more money for us. Is this true? would me being on the deed make that big of a difference with regards to his tax status and claiming exempt? He says we can do a side agreement stating I am owner of the home too. I told him I don’t feel comfortable with buying a home, not being married, and not having my name on the deed. He says he won’t let me hold him back so he is going to do it on his own.
Sounds like he is trying to take advantage of the system. I do not see what would go wrong with your name also being on the property if you are able to be married. Things would not hurt if your name is not on it or your money at this time. If you are not trusting him now, that is something to think about on the marriage. I would not just hand over a chunk of money to get a house and not have my name on it.
419 welfare 412i defined benefit abusive tax shelter fraud
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