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Old 11-15-2016, 05:40 PM
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Question Excluded Property

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Property, other than a matrimonial home, that was acquired by gift or inheritance from a third person after the date of the marriage.
Just looking for your impartial read on this situation:
I bought my mom's house a few years ago when she fell on financial difficulty. She gifted (by letter) what equity she had left to me. I borrowed the remainder and she paid rent to me. The Bank for their benefit put my name and my x's on the deed (and mortgage). I never put any of my money into it. Now my x wants a share because both our names are on the deed. D'Oh!
Bring the misery!
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Old 11-15-2016, 07:08 PM
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As long as the gift or inheritance is kept seperate i6 can be excluded. The ex's name was also put on the deed so its unlikely you'll be successful in excluding it.
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Old 11-15-2016, 07:22 PM
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It was run from a separate account. Rent in and mortgage out.

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Old 11-15-2016, 08:44 PM
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Does the rental income show up on your tax returns?
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Old 11-15-2016, 09:17 PM
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Sort of similar... his parents gave him $400k towards a new home. Inheritance in advance. She agreed to sign something stating that it was his money if they ever split. They never got around to seeing a lawyer to draw up the agreement. 3 years and 3 babies later, he decides to leave her. He produces a letter from his parents saying the $400k was actually a loan and when the house is sold they want their money back.

She produces the letter the bank required before giving them a mortgage for the remainder of the house. The bank needed to ensure they didn't have a 2nd mortgage. It's a letter from his parents saying "oh no, that money isn't a loan, it's a gift and they don't ever have to pay it back".

In your case, you have the letter stating it was a gift. Does it say it was for you and only you?

Do you all live in the house? Or just your Mom who pays you rent? Trying to figure out what your Mom got out of the deal.
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Old 11-15-2016, 09:44 PM
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Those "letters" stating house was gift need to be dated and witnessed (preferably by Notary).
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Old 11-15-2016, 11:27 PM
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The letter was to the banker and signed by the giver and the receiver (me). I put it on my income tax and depreciated the "profit". As for my ma, she was facing foreclosure. This was for her to keep it.

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