Quote:
Originally Posted by dmk31088
Really? Because I consider my husband and I decently intelligent individuals but I am on the deed to our house, but not the mortgage. In fact, I know A LOT of couples who do the exact same thing.
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lets suppose you are in a horrible accident and are sued and the house is liened or even a divorce. the house is not inherited and can be fair game for a soon to be ex husband in a divorce suit . but the bigger issue is you can put your mothers at home at risk either by lawsuit or creditors.
divorece-illness or job loss can suddenly put you in debt and creditors filing judgements.
there are tax issues too.if ,your mom passes and if the house still is not your principal residence you lost the ability to shield at least 250k in gains. if you waited until you inherited the house it would be at current market if you wanted to sell it. instead you would owe capital gains taxes..
why put your moms house at risk of any law suit you are involved in and why throw away the ability to inherit it at a stepped up basis.
i would have to vote not the smartest move.