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I live in the state of California. I own a house that is appraised at $800,000. I have a $600,000 mortgage. At the present time my son is living in the house. I would like to quit claim the house to my son but still be responsible for the loan. I have 3 questions:

1- How can I do this ?
2- Who would have the tax advantage on the mortgage interest or propewrty taxes?
3- If my son decided to rent the house, who would be responsible to pay taxes on the rents collected?

Niicss · Posted: Thu Jul 30, 2009 3:51 am Post subject:

You'll be able to transfer your property to your son with the help of a quitclaim deed. But as soon as you do this, the lender might ask your son to refinance the mortgage in his name.

If the mortgage is in your name, you would get the tax advantage of mortgage interest. As far as the property taxes are concerned, you son will get the advantages. If the property is in your son's name, then he would have to pay taxes on the rents collected.

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