Cost Basis

Cost basis refers to the cost of the property adjusted for improvement and can be adjusted up or down for other reason. The IRS has various methods of calculating and tracking cost basis. Read here for more information to determine your cost basis.

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Daughter Assumes Mortgage Payments

Can a daughter's name be added to the deed of her home since the daughter has started to make mortgage payments for her parents? While it may seem like a good short-term solution, there are many implications to the daughter assuming the mortgage. How can they protect both the parents and the daughter in the transaction? There have been incidents where the children assuming the mortgage have evicted their parents. Another option is to add the daughter's name to the house deed in addition to the names of the parents.

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