What are other, non-tax, consequences and risks of excluding one of the spouses from the legal ownership?

If more than 2 years, you probably can exclude up to $500k in gains, assuming you are married.

If you live in the home for 24 months out of the past 5 years, you can exclude up to 250k of capital gains from your income, or 500k if married filing jointly.

The IRS rules specifically exclude real property from being eligible for Section 179 because it’s seen as a long-term investment that should be depreciated over many years, rather than allowing a full write-off in one year.

I wouldn't exclude Austin and the surrounding areas simply simply because the further away from home your project is, the more work it will be. 

Foremost lists specific breeds that are excluded. 

For some people, taxes are by far their largest expense (near 50% marginal rate, and that's just income tax...excludes all the other taxes). 

@Greg JungeGenerally you'll be able to exclude up to $500k of capital gain on sale of a primary if you file MFJ and both you and your spouse meet the use requirement (2 out of the past 5 years).I'm not a financial advisor, but I don't necessarily know that I would personally pay down the mortgage on a primary that I plan on moving out of in about a year's time unless there is some compelling factor.There's an opportunity cost to paying off a mortgage... 

There will be a cap gain as the gain can be excluded under Section 121.

This historical division of roles might lead to CPAs being excluded from initial discussions.Perceived Scope: GPs and attorneys may perceive the initial structuring phase as primarily legal in nature, focusing on regulatory compliance, fund agreements, and investment structures.