Question: Am I liable for taxes as a cosigner? I cosigned with my mom to get a house about 10 years ago. She refinanced a few years back and we thought my name was no longer on it but last week it was discovered that I'm still on the title. Now she is selling the house, my concern is, with the profit she is making from the house--will I be liable for any part of it on my income taxes since my name is on the title?

Answer: If you are on the title to the property...YES.\n\nNot if you are only a co-signer on the loan.\n\nYou can deduct 250k from home sale profits once every 5 years. Just have her use this total deduction (actually home sale profit) on her taxes. You can also "split" the profit any way you like on the taxes but...have her take it, you may sell in a couple years and need it.\n\n==================================
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