Hi ,
Hope someone can help me. My situation is below:
1. I bought my father a townhome in June 2018--I mortgaged in my name only
2. Father provided downpayment and paid all closing cost from his account
3. I added father to deed at the time of closing
4. Father makes all mortgage payments from his personal checking account and pays all expenses
5. Father claimed mortgage interest on 2018 taxes.
6. Other than the mortgage being in my name, I have never paid for anything regarding the property
My father is an older person so my question is.... if he passes before ever selling the property, will I get stuck paying taxes on the gains or will it be treated like an inheritance since he has made all payments and is on the deed? Or because I'm also on the deed, will I get stuck with half the taxes?
Thank you!
