Posted on: 07th May, 2011 06:32 am
My in-laws have a mortgage on a 2 family house and want my wife and I to become "partners" in the house. 1. can this be done legally? 2. what is the best way to do this to protect myself and investment in case of divorce? 3. What are the financial repercussions ie. federal and state taxes, is this considered a gift?
Hi yankscap,
Your in-laws can add your name to the property deed with the help of a quitclaim deed. Once your name is added to the property deed, you will become an owner of the property. You will be able to claim money from your family, in case of divorce, equivalent to your share in the property. If your in-laws are transferring the property to you as a gift, then they will be liable for paying gift taxes.
Your in-laws can add your name to the property deed with the help of a quitclaim deed. Once your name is added to the property deed, you will become an owner of the property. You will be able to claim money from your family, in case of divorce, equivalent to your share in the property. If your in-laws are transferring the property to you as a gift, then they will be liable for paying gift taxes.