What to consider before putting another name on a property deed?
If you add another person as a co-owner to a property deed, it can trigger tax questions if only one individual funds the purchase but both are listed as owners. To avoid issues, taxpayers must keep clear and consistent records of their ownership intentions, bank transfers, payments, and tax filings. Additionally, families need to decide before the purchase whether the setup is meant as actual ownership, a gift, a loan, or simply for convenience.
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