Ask Experts Questions for FREE Help !
Ask
    lkelly6694's Avatar
    lkelly6694 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 15, 2009, 09:31 PM
    Tax responsibilities as newly added to a home deed
    I was just added to my Dad's Deed - for his home and Land. Do I have any tax liabilities? What if my Dad took his name off the deed? How do I answere a college aid loan for my daughter that asks. Do you now own or do you know if you will own any property?

    Thank you,

    Linda Kelly
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Nov 15, 2009, 09:35 PM

    you now own ( part owner) of a property, depending on how the name was added. Also you may have personal tax issues for the value of the "gift"
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Contract For Deed Rights and Responsibilities (Missouri) [ 2 Answers ]

At the end of April my husband and I bought a house under a contract for deed. The seller told us that he owned the property free and clear, which we have found was not true. He has a mortgage on the house through Wells Fargo. Can he even sell the house this way? I tried calling them to ask but...

Name added to deed without knowing [ 6 Answers ]

OK, a Mom and Dad own a house and are advised to put the house in their adult children's names. They sell each child a share at $1 each with the stipulation that the children cannot kick the parents out of the house, but once they died, the children would own the house and avoid probation. The...

Dose a newly added subpanel need a grounding rod? [ 5 Answers ]

I'm goining to add a new subpanel to a detached garage , for a 6-3g 240v outlet for use with mechanic's tools (small mechanic work) and a few 120v outlets and mabe a over head light (florecent) Now I've studied the panel info I've found online but haven't came across the QUESTION of Do I need to...

View more questions Search