Whenever someone mentions a “life estate” or a “sub to” property, it sets off alarm bells.
You’re stressing about tax issues from 15 years ago? If there hasn’t been an issue by now, you’re probably fine. Relax and get some sleep.
Phoenix said:
You’re stressing about tax issues from 15 years ago? If there hasn’t been an issue by now, you’re probably fine. Relax and get some sleep.
Thanks. It’s just that it was a pretty big credit, and now I feel like I might owe it back. Never crossed my mind at the time that I might not qualify.
Is it possible they used a beneficiary deed? That would mean you don’t own the house until both parents pass. If it’s a life estate, though, your name would be on the deed, and you might be responsible for bills if they can’t pay. Check the property records, and maybe talk to your parents to get more details.
@Dru
Thanks. It’s called a “Trustee’s Deed” and names them as trustees of their “Revocable Living Trust Agreement.” My name shows up on the county property tax info with theirs and ‘L/E,’ which I believe means life estate.
The credit was from 15 years ago, so if there hasn’t been an issue yet, you’re good. Let it go.