MY SISTER TRANSFERED TITLE TO MY WIFE AND I. WE REFINANCE THE LOAN
UNDER MY NAME ONLY. WE ALSO OWN OUR OWN HOUSE. WHAT KIND OF TAX
IMPLACATIONS CAN WE BOTH EXPECT WHEN FILING TAXES. MY SISTER PAYS THE
LOAN PAYMENT ON THE HOUSE SHE TRANSFERED TO US THAT WE JUST REFI IN
AUGUST 05. I BELIEVE I RENT OUT NOT FOR PROFIT IF I DON'T MAKE ANY
MONEY OUT OF RENT. WHAT DO WE DO FOR TAXES????

1] The mortgage deduction generally belongs to the person(s)
responsible for the payment, not necessarily who actually makes the
payment.

2] Title transfers can be tricky. Refinancing, too. There are a lot of
traps you can fall into.

3] If you are renting out at below market rates, you may dinged by the
IRS for that.

3] A tax attorney is worth the money you will pay for a consultation.
Every time I have used mine it has been overwhelmingly profitable.