I see many questions in the forum where the OP is on the deed but not on the mortgage.
My situation is the exact opposite.
My old man is semi-retired and added my name to the mortgage when he recently refinanced his home since he could not meet the income requirement alone.
My name is not on the deed for the property.
Through some research, it seems unwise to add my name through a grant deed if we want to sell the property in the future since I'll be hit with income taxes.
I live with my partner in a rental property under both our names and don't anticipate moving anytime soon.
My question is in three parts:
1) Can I claim deductions on the portion of the mortgage that I pay off?
2) Is there a way I can help with property taxes and claim benefits without my name being on the deed?
(or at least let him claim the deduction with my payment as a gift?)
3) If we don't plan on ever selling the home, does it make sense to just add my name to the deed now? (Goodbye first-time homeowner benefits down the road)
