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questions about mortagage & tax

ProperT — Thu, 29 Oct 2009 20:47:30 GMT

I have invested in a property along with a partner who is going to run the business in that property. The loan for the property is under my and my partner's name. Legally I am owning 25 % & my partner is owning 75 % of the property on the deed(25 % of property value is more than the amount I invested) We shared the down payment for the property equally and that came to about $25,000 each. My partner has been in this business for a while and he wanted someone to apply for home loan as he was not able to get home loan if he was the sole owner. So I agreed to put my name on the loan. However the total monthly payment for each month are paid by my partner and he is going to take the 100 % deductions too. Also all the expenses related to the business & any income generated out the business will go to him. Basiclly I have loaned him a XXXXX amount dollar at a fixed rate of interest- in return I have used my name to get the home loan . In other words, my loan is collateralised by the property.
Now he will be paying me the interest at a fixed rate for 2 years. At the end of 2 years, he will be paying me back my loan amount & i will be removing my name of the loan and he will refinance it under his name.

Looking at the situation, do you think any tax laws are violated in any ways in this mutual agreement and lending?

Are there any capital gain/loss tax issues I should be worried about in 2 years when we refinance and remove my name of the loan ?

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homebusiness — Sun, 25 Oct 2009 10:02:33 GMT

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