Posted on: 13th Jan, 2010 02:09 pm
I am planning to buy a condo with my name solely on the mortgage. At closing, I plan to quitclaim to add my sister name to the title (joint tenancy). What will be the tax implication for me and my sister ? Also, if I die, will my sister be responsible for the mortgage loan even though her name is not on the mortgage?
your lender isn't going to be too happy about your plans. your sister will have no obligation to pay your note, but if, as you say, you should die, she'll want to be sure it gets paid in order to keep the property.
what tax implication are you referring to? property tax? income tax?
what tax implication are you referring to? property tax? income tax?
i am referring to income tax
not being a tax maven, i defer to those who are, including the irs.