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Thread: My mothers home is also in my name
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Old 01-12-2022, 04:31 PM
Boomer Boomer is offline
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Quote:
Originally Posted by Packer Fan View Post
Some good advice - see a Tax focused CPA or Lawyer.
However, anyone reading this - YOU DON'T WANT TO CO-OWN A HOUSE WITH YOUR PARENTS. Then when they die, you just sell the house at the stepped up tax value and split the money. Not a big deal. When you are the owner also, then the value does NOT get stepped up so there may be capital gains issues, especially if Mom owned the house for a long time. If you lived there with her, you might skip this but then you have gift issues as stated previously.

If you own a home with your parents do a quit claim deed and get your name OFF the property.

Not only that, but while the parent is still alive, if the co-owning kid gets into a legal problem, house ownership might be in jeopardy.
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