My husband and my mom and I have lived together in the same home since 1979. At first my mom paid most of the bills. For the last few years we have paid for everything. We are probably going to sell in about 6 months and I need to know 2 things. One: do we have to show a 50 50 split on our government report? Two: Mom is looking at HUD housing and with the (supposed) profit from selling the house and the small social security and pension she collects, she would be about $200 too high to qualify for Hud housing. Since my husband has been paying all of the mortgage payment and bills for several years (even though the names on the title are mine and my mom's), does she have to show an increase in her tiny income?
2006-09-15 02:52:37 · 3 answers · asked by rmcampion 2 in Business & Finance ➔ Renting & Real Estate
Definately ask a certified tax attorney.
2006-09-15 03:32:07 · answer #1 · answered by lilbit85705 1 · 0⤊ 0⤋
Pay an accountant, who will probably know more than you, for this answer...
However I have been told due to a similar transaction... that the I.R.S. doesn't care WHO pays the tax on this sales just so IT GETS PAID... But I would still be leary listening to anyone but a professional with this matter.
2006-09-15 02:58:56 · answer #2 · answered by Kitty 6 · 1⤊ 0⤋
This seems like a good question for a tax lawyer.
First consultation is usually free.
Also I bet a hud lawyer would be glad to help.
2006-09-15 03:02:41 · answer #3 · answered by theodore r 3 · 0⤊ 0⤋