I agree with @rjs . But I can tell you that, with regard only to federal income tax, you should be aware that only the property owner can deduct mortgage interest and property taxes. If you and your wife file a joint return, that's not an issue. But it would be an issue if only one of you were the owner and you filed separate returns.
I also recommend you consult an estate-planning attorney. There are estate-planning issues to consider when deciding on the form of ownership of what may be your most valuable asset.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
