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I reside in Tn. Im a young widow with dependant ...

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I reside in Tn. I''m...
I reside in Tn. I''m a young widow with dependant child. My home is paided for and have no debts other than living expenses, taxes and insurances. I been dating a fellow since 2003 and he wants to combine the sales of our homes to enter into a home for us. I handle my money well and he doesnt, along with the fact that he''s several yrs behind with payments to the IRS. I don''t want to get married but will cohabitate. How would this union affect my ascets if I was to join households with him. What if the next home would soley be deeded in my name. Could the IRS attatch my funds? or home. Signed Scared to give up what I got
Submitted: 9 years ago.Category: Tax
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Answered in 6 minutes by:
5/1/2008
Tax Professional: Merlo, Accountant replied 9 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified

Hello,

Based on what you have told us about your friend, it would definitely be in your best interest to make sure that any home you buy is in your name only. As long as you are not legally married, the IRS or anyone for that matter could attached a lien to your home. If your relationship, however, continues for years down the road, you may at some point be recognized to be in a common law marriage, which might then present some problems. But for now you would be safe just keeping the house in your name.

If this answer has been helpful, please press the "accept" button. Positive feedback is also greatly appreciated. Thanks and have a great day.

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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Merlo
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
9,783 Satisfied Customers
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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