A: Yes, there are quite a few! Let’s assume you added your son as a 50/50 owner to your home:
First, your son will only be able to receive a stepped-up tax basis on one-half of the property rather than a 100% stepped-up basis. Depending upon how long the property has been owned, this could end up costing your son tens of thousands of dollars, if not more, in capital gains taxes if and when he sells it one day. Aside from the tax complications, you would also have to deal with the issue of not only losing sole control over the property but also potentially losing your home entirely if your son runs into his own legal troubles and someone obtains a judgment or lien against him. Always remember to contact us first before you take any action with respect to the title of any of your properties!
