My father is unemployeed and needed to fix up his property to sell. He has bad credit and wanted me to put the property into my name and take out a loan against the property. The property is worth 575,000 and I took out a loan on the property for 220,000 only 3 months ago.
He is now wanting to sell the property. We met with a real estate attorney and they want to make a deed corection and put me as holding the property in trust for my father. The attorney is saying that he can draft an letter indemnifing me of any taxes on the property, such as capital gains taxes or property taxes, and making my father responsible for them since the property will be back in my fathers name. The qustion I have is when it comes to closing time will I still be liable for any taxes even though I'm only holding the property in trust and the note is still in my name?