Posted by Bill Jacobsen on June 06, 2007 at 17:43:24:
Gifting can create a taxable event but is there really any equity in the house? Also, how can you going on title help your brother pay his credit card debt? It sounds like you would be enabling him to continue to make bad decisions.
Bill
Gift of equaty - Posted by Carmen
Posted by Carmen on June 04, 2007 at 13:32:18:
Good afternoon, I was wondering if you can please help me decide if I’m making the right decision.
My brother has a house, but ever since he bought the house he’s being fixing his house and paying with his credit card. His credit is at 550 points and the interest are killing him
Someone suggested for me to accept the house as a gift of equity, and after a year give it back to my brother.
what should I do?