Posted on: 08th Mar, 2010 10:18 am
My mom had me include on the deed in order to secure a mortgage that she was previously applying for. The loan since fell through and now she is selling the house. Since my name is now on the deed will i be responsible for any taxes when the sale goes through? There is no current mortgage on the house and my mother will be receiving all net proceeds. My mom's income is SS and pension (very small) my income is 100K+ - Just concerned that if I'm still on deed some reporting will need to take place and I just want to make sure I'm not in jeopardy of incurring any tax burden.
Welcome bubs_bob,
As your name is mentioned in the property deed, you may be liable for the taxes. If there is a profit from the sale of the property, then both you and your mother would be liable to pay the capital gains taxes. However, for further advice on this issue, you should have a word with a tax expert.
As your name is mentioned in the property deed, you may be liable for the taxes. If there is a profit from the sale of the property, then both you and your mother would be liable to pay the capital gains taxes. However, for further advice on this issue, you should have a word with a tax expert.