House Gifting: liabilities?

I do not think it is IRS law, but federal. If the transfer took place within the last 5 years it is fraud, as the father is trying to hide assets. It is a fairly common crime, seniors do it all of the time trying to rip their states off.

My house is definitely an asset. the alternative to possessing is renting....it rather is truthfully spending varied money each and each month that may in no way be recouped. Renters spend 10s of hundreds of greenbacks a 365 days on hire. we truthfully very own various condominium homes and those are sources as nicely. The hire that somebody else is blowing is rather making the fee for us and leaving a small volume of earnings on wonderful of that. We bought our domicile 8 years in the past and function it on the marketplace for in simple terms over two times what we paid for it. even with the "clientele industry" that at the instant exists we can sparkling a 6 discern earnings whilst it sells. I actually evaluate possessing a house an asset.

if there was a proper lien recorded on this home then at the point of gifting it had to be satisfied if it were properly executed and the loan shark would have been paid. If not properly executed then the lien if filed is still valid.

I am a mortgage banker in TN & KY

The lender is going to put a lien on the property.

Thus the "gift" to the son does not have clean title.

If you start giving stuff away in order to avoid paying a loan, the bankruptcy judge can order the receiver to give it back to you.