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If you are purchasing the second property, you cannot homestead both. Only ONE property at a time can be 'homesteaded' because that is considered to be the property where you reside as a family unit. Two properties under 'homestead' would be considered tax fraud and could open you and your spouse up to fines, back-taxes, and even criminal charges.
The advantage of one name may be for purposes of asset distribution later. There is no law that requires that both spouses be on title, but your spouse would have to sign a post-nuptial agreement and a waiver under which he would give up all present and future rights to the property if you are listed solely on title. I do not see the benefit to him if he does that.
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11. My spouse and I each own and occupy
separate homes. We file our Federal and State
tax returns as married filing separately. May we
each claim our home?
Yes. Spouses who maintain separate principal
residences may each claim his or her principal
residence unless they file a joint Federal and State
income tax return.
I just read your reply Demitry:
We are able to live separately but continue to file married filing jointly. As far as I know that is very legal as there is no "legal separation" in Texas.
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