can I ask bank to add my domestic partner on loan?

[Mr. Pat]

(please first read my post below). Would it be prudent to ask my bank to add fiancee's name to the loan? That way, she can deduct the interest. Am I on the right track here? PS- this is a GREAT board with some common sense people! As a person who does their own taxes, I'll be back

[Bees Knees]

For her sake, please do not put her name on the mortgage, unless you are willing to gift her a joint tenancy with right of survivorship interest in your house.

Please....

[jainen]

add her name

>>Would it be prudent to ask my bank to add fiancee's name to the loan?<<

How about you add her name to the title of the property?

[Joe Btfsplk]

>>

How about you add her name to the title of the property?

Why not just deed it over to her and let her assume the mortgage if the lender will allow it?

[abby]

tracing rules

It's still unclear to me exactly where the money is going. There are rules that can restrict and control deductibility of interest based on where it came from and to what use it was put. In certain circumstances (and the description you've given so far may be one of them) where the interest wouldn't even be deductible by you.

It appears that you have a loan on a business property and may be using the funds to obtain a personal residence. If that's the case, I agree with the prior poster who adviced that you speak with a professional and make sure of your options. The way the transaction is structured could make a big difference.