Submitted by _swiper t3_11dpk51 in personalfinance
Hi All,
So my mom wants to purchase a new-construction property together as an investment property in Virginia where she resides. Her reasoning for having my name on it is in the unlikely event anything were to happen with her business then the lienholders would not be able to go after the home (not sure if this is true). And ultimately she would pay off the home and I would inherit it after she is gone.
She would pay the down payment and all mortgage payments, my involvement is simply having my name on it. Is there any sort of tax implication or disadvantage for my agreeing to do this? I live and own a home in California for additional context.
Thank you all very much!