Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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She said that she was going to put my name on the deed (she didn't ask me). What impact will that have on my/her taxes, credit report, legal liabilities?
It won't affect your taxes as you aren't liable to pay any income or gift taxes. There is property tax, but it attaches to the property, not the individual and if she didn't pay the taxes, the city would foreclose and sell the property.
Since you aren't on any mortgage, it doesn't affect your credit.
And if you are on the deed and someone is injured on the property, they could potentially sue you as an owner. However, you can defend based on the fact that you never "accepted" the gift of the interest in the house. In order for a gift to be completed (i.e. an interest in the house) it must be accepted by the receiver as you can't force a gift on someone..
Will the deed show up on my credit report? If she foreclosed, would that show up on my credit report as well?
No, as I mentioned, since you won't be on any mortgage or Note, it doesn't affect your credit in any way.
What if I went into bankruptcy? Could she loose her home?
Potentially, since you would be listed as a legal half owner of her home. But if there was little equity in the house, they likely wouldn't bother with it as mother could claim a homestead exemption to prevent any sale.