Hi
A number of years ago I bought a house, which is my family home, with my father in law (FIL) on the mortgage and on the title. This was my FIL parents property which was willed to him and siblings. In effect all parties were paid with proceeds of mortgage. My wife wasn't placed on the loan ir title as at the time she had another property.
The bank is now agreeable to remove my FIL from loan and title by way of an admin change....not a new app. .
My only question is dies that leave me with any tax liability as now the property is solely mine ?
A number of years ago I bought a house, which is my family home, with my father in law (FIL) on the mortgage and on the title. This was my FIL parents property which was willed to him and siblings. In effect all parties were paid with proceeds of mortgage. My wife wasn't placed on the loan ir title as at the time she had another property.
The bank is now agreeable to remove my FIL from loan and title by way of an admin change....not a new app. .
My only question is dies that leave me with any tax liability as now the property is solely mine ?