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Dallas65

Adding girlfriend to deed but I pay the mortage

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I currently own a house and pay the mortgage in AZ. I am adding my girlfriend to the deed just in case something happens to me. I want to know by doing this if I am solely paying the mortgage I can claim on the tax benefits? 

 

One last thing on doing the deeds if I want to be able to claim all tax benefits which should I choose?   Joint Tenants with Survivorship and Tenants in Common

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So long as you are on the deed or on the mortgage, you can claim all tax benefits so long as you actually pay the interest and real estate taxes.  Joint Tenants or Tenants in Common (for this purpose) don't matter.

 

Think twice and see an attorney before doing this.  I had a neighbor who did this and it turned out to be a disaster once the relationship went sour.  If you want girlfriend to have the house if something happens to you, why not just include that provision in your will.  That way, if the relationship goes South, you can always just change your will.

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1 hour ago, Dallas65 said:

I am adding my girlfriend to the deed just in case something happens to me.

 

First of all, you cannot "add[] [her] to the [existing] deed."  If you want to give her a 50% interest in the property, you'd execute a new deed that grants the property from you to both you and her.

 

Second, and more importantly, doesn't "something" happen to you every day?  In fact, don't dozens or hundreds of things happen to you every day?  On the assumption that you're referring to your death, death is not a matter of "just in case."  It will happen, but I don't see why your eventual death would make you want to add your girlfriend's name to the title of your home.  If the idea is that you want her to have the home when you die (assuming you die before her), there are several things to consider, the most significant being what happens if you add her name to the title and you break up a year later?  Guess what?  You will then own a home together with your ex-girlfriend whom you hate and who hates you.  You'll then have to buy her out or sell your interest to her and move (or, worse yet, one of you will have to sue the other to force a sale).  You're obviously not sufficiently committed to this woman to marry her, so why give her half of your home?  If I've convinced you at all that this might not be the greatest idea, there are at least a couple ways to ensure that she receives the home when you die that are far smarter than simply deeding her an interest in the home now.  And, if I haven't convinced you, do you understand how to prepare the deed to that your interest actually does pass to her when you die?  The last paragraph of your post tells me that you don't.

 

 

1 hour ago, Dallas65 said:

I want to know by doing this if I am solely paying the mortgage I can claim on the tax benefits?

 

If you're talking about taking the mortgage interest and property tax payments as deductions on your federal income tax return, yes.

 

 

1 hour ago, Dallas65 said:

One last thing on doing the deeds if I want to be able to claim all tax benefits which should I choose?   Joint Tenants with Survivorship and Tenants in Common

 

As noted in the prior response, this doesn't matter for purposes of tax deductions, but it matters greatly given that you are considering this "just in case something happens to" you.

 

I cannot recommend strongly enough that you consult with a local estate planning attorney about this.

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Hi @Dallas65

 

Welcome to the community and thanks for posting! Our Learn About the Law section has some helpful materials describing the difference between tenants in common and joint tenants, as well as property issues to consider since you are unmarried:

 

Also, as others have mentioned, if you are adding your girlfriend's name to the deed in an attempt to deal with your estate in the event you die or become incapacitated, you may want to speak with an experienced estate planning attorney about preparing a trust.

 

Best of luck!

The FindLaw.com Team

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