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bought home in residency... what to do now

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  • #31
    Sell it

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    • #32
      The main issue I see (for you) is that if she keeps the house it may be a premarital asset (in divorce).

      If it was me, knowing what I know now, I would thank the future father-in law. I would keep the house and agree to give it to the grandchildren if he can look after the property issues for 10 years. Then I would forget she owned it and just never sell it. That way if they don’t want to take care of the house for 10 years, she would sell it, which would be a bonus for you. And if they can and keep it, then hopefully it’s not a burden for you.

      I suspect the younger me would have been more selfish, more short term orientated and asked her to sell it.

      What a fascinating scenario. Good luck. Many ways that egos can be bruised in this situation. My wife had a house that she owned with her parents when we met. She still has it☺️

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      • #33
        My wife bought her Parents house less than a year before we got married. Different dynamic. We paid her mortgage and car loan. To be honest, We sold her house. It wasn’t easy,

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        • #34
          Originally posted by Tim View Post

          No. It's all of none on the residency/ownership limits.
          Tim , https://www.irs.gov/publications/p52...blink100077247, worksheet 1, section b, step 2 seems to show you can get a fraction (partial), right?

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          • #35
            Originally posted by adventure View Post

            Tim , https://www.irs.gov/publications/p52...blink100077247, worksheet 1, section b, step 2 seems to show you can get a fraction (partial), right?
            What did you get?

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