tax implications of unmarried joint home ownership
Last year my mother used a quit claim deed to transfer her home from her name solely to our names jointly (so ownership would transfer to me if she died). No money was exchanged. I do not live in the home. The home is in MI and I am in TX. She owns the home and pays all property taxes. What needs to change about our taxes? Do I claim ownership on my taxes even though I do not live there and I pay no expenses for the home? Does she need to do anything differently?
Thank you!
1 Answer from Attorneys
Re: tax implications of unmarried joint home ownership
Sounds like what you are trying to do is avoid probate. Anyway, you should not claim anything. Your mother should continue the way she has been doing things, ie. paying the taxes and taking the deductions. Upon your mother's death, the property would belong to you, but because you are a joint tenant, you will loose some of the benefit of step up in basis.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
