The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: transfer of house title||Date: 10/6/2013 7:38 PM|
|Author: TMFPMarti||Number: 119261 of 124776|
My mother-in-law wants to transfer the title of her house into my wife and sister-in-laws names. Does this cause any problems 'tax-wise' down the road? She will continue to make pay all taxes. She just wants to take the house out of her name.
Without knowing her motivation it's hard to judge exactly how dumb this idea is. The only thing we know for certain is that no one would be able to deduct the property taxes since you must both be liable for them (own the property) and pay them.
Rule Your Retirement Home Fool
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|