Home Ownership in Elk Grove>Question Details

Alunx, Other/Just Looking in San Francisco, CA

Im trying to buy a new house detached single house . planning to purchase it by cash. should we purchase it under both name ? or just my name .

Asked by Alunx, San Francisco, CA Wed Mar 13, 2013

I'm us citizen , and my wife is non us citizen , no green card . Now im currently working overseas .

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Answers

7
James Tan’s answer
Since you are purchasing using cash, it would be just as easy to put it on one name or both names.
However, you should consult a tax accountant and an attorney for advice.
You can also google this for more information. This webpage e.g. has some information:
http://www.clta.org/for-consumers/consumer-holdingtitle.html

The way you take title will have an effect to what will happen if one of the spouses passes away.

In your case, since your wife is a non-resident alien, this complicates the matter, since I believe there are gift/estate tax differences between US nationals and non-resident aliens.
Check out the big accounting firm websites such as KPMG, etc. They usually have publications that talk about these issues for foreign investors.
0 votes Thank Flag Link Fri Mar 15, 2013
I have to agree with what all the other Realtors have already said, seek legal advice and your tax consultant.

Kendra Dittmar
Coldwell Banker
Elk Grove, CA
916-995-1220
kendra.dittmar@camoves.com
http://www.kendradittmarsellsre.com
0 votes Thank Flag Link Wed Mar 20, 2013
Since you are paying by cash, you can purchase it any way you want. I agree with everyone before me that a conversation with an accountant and/or attorney will definately be in your best interest.
Good Luck!
Frank Verni
916-719-6161
realtorfrank1@gmail.com
0 votes Thank Flag Link Thu Mar 14, 2013
You should seek the advice of a lawyer to any pros, cons or benefits or both ways. It could affect your tax situation so getting proper advice is a must.
0 votes Thank Flag Link Thu Mar 14, 2013
Purchasing with cash means you have flexibility to purchase however you like. With the interesting scenario of your wife as a non-citizen, I too recommend speaking with an attorney. If you need a reference for an attorney who can answer questions like these, please don't hesitate to contact me directly. Thanks!

Morgan Larson
916-241-8788
morgan@morganlarson.com
0 votes Thank Flag Link Thu Mar 14, 2013
This is a question best answered by your tax accountant, your estate attorney, or other financial advisers that best know your situation. The Title company may also have some suggestions.
0 votes Thank Flag Link Thu Mar 14, 2013
If you're purchasing with cash, then it's more of a personal decision that you should consult with an attorney.

You can purchase it with both names but only put one name on title. Even then, with California's community property laws, you're both owners.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Thu Mar 14, 2013
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