Compare Mortgage Quotes

chuengsujun · Joined: 04 Jan 2010 Posts: 2 1.66 Dollars($)

Hi, I'm from CA if that helps you answer my question better. my brother(2) told me that since my brother(1) and my mom submitted the quitclaim deed to take their names off the deed, they will need to pay taxes every year for the house. either that or the property taxes will be split in 3 and they will have to pay for their part. Is this true?

gmakerley · Posted: Mon Jan 04, 2010 9:34 pm Post subject:

your post confused me. you are saying that they are no longer owners of the home, yet they maintain they still have to pay taxes on the home. is that right?

if that's what you're trying to convey, then i can verily say that it makes no sense. once you've relinquished ownership of a piece of real estate, you would no longer be liable for paying taxes. it just makes sense anyway.

adonis · Posted: Mon Jan 04, 2010 10:46 pm Post subject:

Your query has been answered in the given page:
http://www.mortgagefit.com/quitclaim/deedtransfer-taxes.html#142383

Please take a look at it. I hope it'll help you.

chuengsujun · Joined: 04 Jan 2010 Posts: 2 1.66 Dollars($)

sorry, I'll explain this more in detail. my aunt did a grant deed to me, my mom, and my 2 brothers. we submitted it and they all want out except for me. my mom and brother(1) submitted the quitclaim deed to take their names off the deed. my brother(2) said we should have submitted the grant deed form avoid paying taxes every year from now on(I don't know what taxes he is talking about). my brother(2) is submitting the grant deed now to take off his name.

Since my brother(2) said that my brother(1) and my mom will have to pay taxes, I am now very worried and confused. my brother(2) was a realtor and notary, so I would think he knows what he's talking about.

I think they don't need to pay taxes since their name is off the deed, and I should be the only one to pay taxes because I am the only name on the deed now.

I hope this explains it more. If what my brother(2) is saying is false, who can I talk to in orange county, CA that can verify this so my brother(1) and mom don't have to worry anymore?

Thank you.

gmakerley · Posted: Tue Jan 05, 2010 2:17 pm Post subject:

i don't quite get what taxes you are talking about - income tax, i suppose. originally, i would have thought of real estate tax.

being a notary is a fine, responsible thing to be, but it doesn't give a person any insight into taxation and the rules concerning taxation. being a realtor is a fine, responsible thing to be, too, but it also doesn't give a person insight into taxation and the rules concerning taxation.

your best bet - if it's income tax you're concerned about - to speak with a tax advisor, or you can go get free help anytime directly from the irs.

Posted: Tue Jan 05, 2010 3:29 pm Post subject:

Thank you so much for your time. I know a tax advisor, so I'll ask him.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

I have a question regarding quit claim deed