Does adding my name as one of the owners of a piece of real estate constitute taxable income?
2006-06-11 09:43:48 · 8 answers · asked by HugoAGogo77 1 in Business & Finance ➔ Taxes ➔ United States
not until the age of 16.
2006-06-11 09:44:44 · answer #1 · answered by miss_chrissy_dawn 4 · 0⤊ 0⤋
Unless the house is rented or leased by other individuals, it is not
income. Only property taxes, and insurance are required. Your parents may be making those payments anyway. Perhaps they are just wanting to insure that if they should pass, the home will automatically be your sole ownership. Or if they become incapacitated, you have a joint ownership to be able to dispose of the property if needed to be sold for medical needs, although you would probably need to have Power of Attorney to sell their portion while living.
2006-06-11 09:50:54 · answer #2 · answered by DollyLama 5 · 0⤊ 0⤋
No.
You only have to pay income tax if you get income. Therefore if you ever rented out the house and the money went to you then you would have to pay income tax.
A better question you should ask would be are your parents going to take the tax deduction from the mortage interest.
If they dont have any income then you should take it.Which means you can deduct the mortage interest off your income.
2006-06-11 09:50:30 · answer #3 · answered by THEHATMAN 2 · 0⤊ 0⤋
Not unless there's an income from the house - like you have renters or boarders. If there's no income, there's no income tax.
However, if something happens to them, you will become the owner, and then will owe property and school taxes.
2006-06-11 09:47:11 · answer #4 · answered by PuterPrsn 6 · 0⤊ 0⤋
Income tax on the property? No, unless it's a rental. But you will have to pay your share of the property taxes.
2006-06-11 09:47:39 · answer #5 · answered by quietwalker 5 · 0⤊ 0⤋
You are responsible for it yes, but as long as it is being paid by your parents there is not an issue. Just like co-signing on a loan, you are trusting that the loan is getting paid but if it is going to go into default, then the co-signer will be approached.
2006-06-17 07:32:51 · answer #6 · answered by tigertiggerii 3 · 0⤊ 0⤋
you do not pay income tax on a house but you may have to pay property tax
2006-06-11 09:46:44 · answer #7 · answered by bullticky 5 · 0⤊ 0⤋
Don't forget property tax responsibilites as well. Perhaps ask them to will it to you, if they want to be sure you get it.
2006-06-11 09:46:20 · answer #8 · answered by kerfos1 2 · 0⤊ 0⤋