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In 2005, my brother got a home mortgage of $659,000 under his name for a home here in Ventura, California. The title is under his name, my name and my wife's name. We are paying all the expenses equally (taxes, mortgage). Today, the value of the property is assessed by the county to be $420,000. Me and my wife (which is 2/3 of the share) would like to file a Quit Claim Deed to my brother for the property. Do we (either me/my wife and my brother) need to pay any tax? We already have the notarized quit claim deed form and ready to file it in the county recorders office.

raymond · Posted: Sat Jan 09, 2010 7:40 pm Post subject:

>>Do we (either me/my wife and my brother) need to pay any tax?

I'd be more concerned with my credit rating then taxes. Even though you don't be on Title, you're still be 100% responsible for the mortgage payment. If he misses one payment, you and your wifes FICO scores will drop more then 100 points.

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

you will not be answerable to pay taxes. however your brother needs to refi mortgage in his name immediately.

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Associated taxes for a Quit Claim Deed