I inherited a home in 2024 but I did not assume the loan on the home until December 2024. What are the tax implications of that. Also, I refinance the home to get the equity to pay off my siblings. How will that impact my taxes because the additional funds came to me and would be showing as my income. Is there a form to fill out for that transaction or do I just put the funds that I received from the refinance as additional income. Or better yet do I have to account it as income? Before I assumed the loan I was paying the mortgage payment which was still accounted to my mother. Can that be taken on my taxes or do I have to account it as rent expense?
