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I want to put my brothers name on the deed of my house along with mine and there is no mortgage owed how would you do that and would there be a gift tax asset?
Wiki User
∙ 11y ago
You could divide the value of his financial interest into pieces and then give him up to $15,000 worth of ownership each year, falling under your annual gift tax exclusion each year, until he owns the desired percentage of the deed.
Wiki User
∙ 11y ago
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What is unsecured personal indebtedness?
Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.
Is your house an asset or liability?
It's both !.. It's an asset - in that you can sell it to raise cash. It's a liability - in that you (usually) have to pay a mortgage every month.
Does equity means asset?
Not exactly; equity means the monetary value of property beyond any debt owed on it. For instance, if you own a house whose mortgage is for $500,000 and you've paid $100,000 to principal on the mortgage, then your equity in the house is $100,000. An asset is any item (real property, stocks, bonds, inventories, etc.) whose ownership can be converted to cash. A house, as above, is an asset, but so is stock in AT&T, etc.
Is the mortgage of a rental house considered a business expense?
yes. along with repairs to the property.
Does Mortgage calculator find the right estimate?
A mortgage calculator will help you see how much your house payments will be along with the other house hold expenses and what price range you should be looking in.
Can an executor take out a mortgage on the estate to defend it if the house is the only asset and the will is being contested?
That would be their responsibility, to defend the estate. They can use the assets of the estate to do that.
Can a creditor put a lien on your mortgage over a 2000 dollar unpaid student loan?
Yes. If you owe a creditor money and you have an asset (such as a house), a creditor can put a lien against your asset for any amount, even $1.
What is a pledge asset?
An asset that a borrower transfers to the possession of a lender as collateral for a loan. The borrower maintains ownership and all associated rights of the pledged asset. When the loan is repaid, the lender transfers possession back to the borrower. The pledged asset reduces the risk to the lender that the borrower will default, therefore possibly qualifying the borrower for some benefit, such as a lower interest rate. When buying a house, some mortgage borrowers will pledge an asset, such as stock, to the lend
Is a house a liquid asset?
no
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
Father purchased a house with girlfriend and passed away. Who is responsible to pay for the house?
The estate of the father is responsible for their share of the house. The home will probly have to be sold to pay debts and pay off the mortgage. It may also depend on how the property was deeded, she may inherit the home free and clear (along with the mortgage) on his death.
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker.
