T
tbelfiori
Guest
My wife and I own a cabin (vacation home) in Minnesota with a value of about $75000. My married son also lives in Minn. There is no mortgage. We would like to put his name on the title and he would agree to share expenses esp. the property tax which he can deduct (we take the standard deduction since we have very little to deduct). We could also gift the cabin to him but we want some control esp. if he is divorced or dies.
Is there a good way to do this? One issue is that of Aug. 1st a septic inspection is required on all sales which would result in our system failing and a new system would be required ($20000 +) before a sale.
Is there a good way to do this? One issue is that of Aug. 1st a septic inspection is required on all sales which would result in our system failing and a new system would be required ($20000 +) before a sale.