if my mother buys a house and put money in my name what would be the tax consequences?
my mother is buying a house for me and my children. have to pay all cash for it. How are we doing in the affirmation of our taxes this way legal? Kern co., CA
Nothing say until you pay something. His mother can not even deduct the taxes, unless the house is titled in his name, and then transferred to you. There is another question that no one mentioned. His mother must file a gift tax. Before she does something, you should consult a tax expert. If you do the wrong way, it cost much money. I hope that helps. Gary
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