Legal Question in Real Estate Law in Florida
My Father in law, who lives in NYC, wants to purchase a retirement home in Cocoa, Florida. He wants the house to be in my wife's name and the house will be paid for in cash. My father in law is not in any kind of negative legal issues or in trouble with any government organization. He still saves his cash "under his bed mattress" and only trusts my wife.
My question is, by placing the home in her name or both of our names what if any problems or issues will we have with the IRS. We all ready have a home that we live in and we have a 30 year mortgage. The bank account that is currently holding the money for the home has both names on it. Will this also cause any issues?
We just want to make sure that nothing comes up after the purchase of the second home that would negatively affect our family.
2 Answers from Attorneys
Owning the second house should not be a problem. I question, though, why he puts it in her name and why he doesn't have it in his. It is a little weird to do so. She would be liable for property taxes and the like, of course.
She would be responsible for the taxes on that new property. Have your wife consult with an attorney.
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