legal problem with a rental ?

texas
i assumed my brother-in-laws house. he owes big money
to the irs - "450K". 1) did i do anything wrong ? 2) can the irs take this house from me. 3) do i need to show it as rental on my taxes ? 4) i do not make profit on it.
thank you to anyone who can advise.

CAN THE IRS TAKE THIS HOUSE FROM ME.
Without all the details, it is hard to say, but if he gave you his interest in the house as a gift a time when he owed money to the IRS, they can PROBABLY take the house.

DO I NEED TO SHOW IT AS RENTAL ON MY TAXES ?
If you have a tenant and charge the tenant rent, you must show the rental income.

I DO NOT MAKE PROFIT ON IT.
You can also show your expenses and deduct a loss.

See IRS Publication 527, Residential Rental Property for the details of how to report rental income and expense. You can download the publication for free at http://www.irs.ustreas.gov/forms_pubs/index.html

LOKU,

Thank you for the free advice.
I will go get Pub 527 and read it.
Thanks again......