Need Advice - 2nd Home & Mother Situation
I recently purchased a new home with the intention of selling my old home, however, my mother is now retired and I would like her to live in my old home. The old home is worth 200K and my mom can only put about 40K towards it. The oustanding balance is around 160K. What is the best way to handle this to minimize taxes? If I accepted any of the 40K without putting her on the title, would that be considered "rent" since it is my mother? Should I put her on the title and have a survivorship clause?
<gphmh>
Comments(0)