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If we confirm this to be the case, any opinions on how to hold title to our combined home?

You need to discuss it with a CPA. How much is Dad worth? You presumably would like to avoid inheritance taxes; if he shows value in the home, will he be over the top in the amount he can transfer to you without penalty?

One thing you might consider is placing the home solely in your (you and your husband's) name, with a perpetual, non-revocable (except by MUTUAL agreement) lease provided to Dad. You take a mortgage on the property, payable to Dad. You make monthly payments to Dad, with fair market interest.

You charge Dad an appropriate amount of rent, which just happens to offset the payment you make to Dad.

You then claim depreciation on that part of the home that Dad uses, which cleans up the rental income tax consequence that you otherwise would have, and Dad avoids the interest income tax by (perhaps) gifting you the amount of interest he has collected from you on an annual basis. So long as the sum is under $10K annually, there is no tax consequence to you and Dad gets to deduct it.

This protects Dad's interests; he has a place to live- and that non revocable lease makes sure you can't double cross him. It also gives him a way to transfer his estate to his children while avoiding potential tax consequences.

It also protects your interests.

Now, if Dad isn't worth in excess of - what's the number - $650K ? then this probably isn't worth doing.
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