would like to add my name to parents deed, how??

[joe.d]

What is the name of your state? new york
parents have home, and are both retired. dad barely gets any type of a write off, does not benefit from anything pertaining to home. I am living in home making six figure salary, we all thought i may benefit by putting name on deed, i will in turn give them whatever it is i can write off or whatever benefit i get from now being a owner of home.
how would i go about putting my name on house deed?
also, would i benefit more having mortgage as well with my name added? if i have to go the mortgage route im assuming they will have to pay closing costs as well by adding my name to mortgage. I dont know...thats why im asking
which is best way???

 

[lcannister]

Your name on the deed means nothing as far as write offs.

also, would i benefit more having mortgage as well with my name added? if i have to go the mortgage route im assuming they will have to pay closing costs as well by adding my name to mortgage. I dont know...thats why im asking
which is best way???

Your post makes no sense other than your trying to take advantage of the folks. Why in the hell would they pay closing costs for YOU? BUY the home at the fair market value and allow then to stay in the home until their deaths.

But beware if the folks are getting older and a nursing home stay that the state pays for is in the near future they look back 5 years.

 

[nextwife]

That's CHUTZPAH.

It's your parents home. They can do as they wish. It's not their responswibility to use their home to give you a tax break.

What if your name goes on the home and you got sued for some reason? Divorced? Had a judgment filed against you? Child support lien someday? You being on the deed could endanger their home.

What if you put a mortgage on it and something happened that you couldn't make the payments? Stuff DOES happen. People lose jobs, get ill have accidents. Industries tank.

They don't need to "benefit from the home", other than living in it and enjoying having it to come home to.

 

[LindaP777]

As HG used to say, "there's more to this story"

 

[FlyingRon]

In addition to all the other comments, lets look at this:

In order to get the deduction for the mortgage or the property taxes you must:

1. Be the one to pay it
2. Legally obligated to pay it.

Getting your name on the deed is easy, and so if you do that and pay the taxes you can deduct it.

To deduct the mortgage interest, you need to get on the mortgage. There is no easy way to do this. You must have the agreement of the mortgage company (which they are not in any way obligated to give you) or you can refinance in your name.

However there is a very serious down side for both you and your father to him to give away his property to you:

1. If he needs the money to pay for alternative living arrangements or health care, there's nothing he can do to make you give up the share he previously gave to you.

2. If he wanted to get a reverse mortgage to pay for such things, he couldn't with you (presuming you're not a senior yourself) on the deed.

3. If he ends up on medicare, the asset transfer may be invalidated.

4. If you take the property now, you get your father's presumably low basis on it, compared to the stepped up value it has at the time of his death if you were to inherit it.