Asked by Brewstrwa, South End, Tacoma, WA • Tue Aug 2, 2011
Details? Now you tell me. Ok. Mom is getting older and on a fixed income. I'd like to help her out financially. I'm willing to put my name on her mortgage (40k still owed) and assume payments in case she has difficulty making payments in the future. Can I have her fill out a Quit Claim Deed after my name is added and have her fill out a lease contract so I can make it an investment property? If so, can I also make improvements on the property for her and write it off as business expenses? I asked a bank if I could buy her house and they told me that they'd need 20% down, regardless of how much equity it has. Mom just wants to get rid of the financial burden and I could use the tax break since my own house is nearly paid off. Plus, the added equity should help me with future investment property purchases.
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