Asked by Hoping2escapeunscathed, California • Wed Aug 3, 2011
I purchased the house as my primary residence while my own home was being remodeled. Once my house was done I moved out of the newly purchased house and he moved back to my remodeled home. My son assumed making the payments on the 2nd home. I have never collected rent on it or claimed the interest on my taxes. Its basically his house with my name on the loan. We are both on the deed. He cant make the payments and I dont want the property. Basically im looking to get rid of this as painless as possible. I just dont know what the tax implications are and how the house will be viewed(vacation property vs rental property?)
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