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john9 · Joined: 23 Feb 2010 Posts: 1 1.27 Dollars($)

My wife and I are buying a second home in Palm Springs and want to add my brother onto title so that he may receive resident benefits while he is using the property when we are not. What is the best way to hold title for tax implications and complications down the road?

jenkin7 · Posted: Tue Feb 23, 2010 10:04 pm Post subject:

Hi John,

You can add your brother to the title without having any huge tax implications. Since you are buying the property, just add your brother's name on the title as a co-buyer. If the lender insists he may have to be on the loan as well. But this will not have any tax implication as you will not be transferring any property interest to him. It will be as if your brother is purchasing the property along with you. However, keep in mind that once you add him to the title, he will be a legal co-owner of the property and you cannot remove him from there until he gives up his ownership.

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What are the tax implications of adding a relative to title?

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