Tax implications of Quit claim deed

Guest

My Uncle quick claimed a house to my sister and I, the house was paid in full. Do we need to claim this to the IRS or do we wait until we sell it?
We now pay the taxes and home insurance on it.

sara · Posted: Fri Feb 01, 2008 2:02 am Post subject: RE:

Hi,

I've already replied your query at http://www.mortgagefit.com/quitclaim/claimtax-insurance.html . Please have a look at it.

Guest

I own a house in my name only, I want to add my finace to my mortgage loan and title. Does a quit claim deed need to be done for this to happen? Or would I just need to re-finance to put in both our names?

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Leah,

Welcome to the forum.

You can use a quitclaim deed to add your fiancé to the deed and you will have to refinance to add your fiancé on the mortgage. Talk to you lender and check out if mortgage assumption is possible.

Best of luck.
Larry

Samantha

Hi leah,

You can talk to the lender so that he allows you to do the quitclaim and refinance simultaneously. That is, while you refinance the loan in your name as well as that of your finance, you can sign the quitclaim deed stating that you are giving away a part of your share to your fiance. Thus, the title and loan transfers can occur simultaneously.

Assumption and refinance are 2 different things. An assumption occurs when you are buying property from someone as well as taking over his loan.

I hope it's clear to you now.

God bless you.

Samantha

Guest

Hello,

My Dad would like to add me to the title on the home we are currently living in. The mortgage is in his name, but I pay the note. He would like for me to be able to claim the interest and taxes for next year as a write-off. By adding me to the title, will this qualify me? Even if this does not qualify me, how do I go about getting added to the title and what kind of form should I use?

Thanks

Steve

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Steve,

Welcome to the forum.

Your father can use a quitclaim deed to add you on the title. To know more about quitclaim deed check out this article - http://www.mortgagefit.com/quitclaim-deed.html

To get the tax break, you should finance the mortgage on you name.

Thanks,
Larry

Caron

Hi Steve,

First of all, to claim the deduction on interest, you need to have your name on loan as well as on the property title. Since the loan is in your father's name, so you can't qualify even if added to the title. Also, you should itemize your deduction to get tax benefits on your mortgage. To add your name on the title, as larry said, use a quitclaim deed.

good luck

Guest

How to I claim this house on my taxes if it was sold with a quit claim deed which was deeded to me and my sister

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Jean,

Welcome to the forum.

Who has sold the house which was deed to you and your sister? Now if you are the owner and someone else has sold the property then it is illegal. You should contact with an attorney ASAP.

Best of luck,
Larry

Guest

My Aunt wants to add me to her property by way of a quit claim deed. We did this ourselves. No mortgage on property and it has already been left to me in a will. She wants to avoid probate. When we took to record the a lady said she could loose her homestead exemption. We found out later that this is not true. When doing to deed we put her as grantor and her & I as grantee as she just wanted to add me, not transfer. Was this a correct move? Needless to say we did not record the deed as it scared us.

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi DianeG,

Welcome to the forum.

If you do not record the deed in the County Recorder Office then the deed will not be considered as a valid deed.

BTW if you want to avoid probate than you can use a Ladybird deed. In that case your aunt will remain owner of the property as long as she lives and you will get the ownership after her death. If you want to know more about Ladybird deed check out this community discussion at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate

Feel free to ask if you have any further questions.

Best of luck,
Larry

sara · Posted: Tue Mar 11, 2008 11:31 pm Post subject: RE: avoid probate

Hi Diane,

I agree with Larry here. A ladybird deed does allow you to avoid probate. But if there is already a Will prepared, then your aunt needs to cancel the Will because a deed has been signed for the purpose.

What deed has been used by the way? If your aunt wants to add your name to the property, it is similar to giving away a part of her share of interest in property to you. However, if your aunt wants you to inherit the property, then using a ladybird deed make sense, because you never know, when someone comes forward and says he claims your aunt's property. And then merely a quitclaim deed won't protect your interest but a ladybird deed could help then.

Take Care

Guest

What happens if parents die and a quit claim deed has been signed by 1 sibling and not the other? Is the one who didn't sign not eligible for any proceeds from the sale of the house if the parents die intestate.

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Myra,

Welcome to the forum.

Your sibling is a grantee here. So you need to check to whom your parents quitclaimed the property. If you name is also there on the deed as a grantee then you are also an owner of the property even though you have not signed the deed, because grantee's sign is not important in every state.

I you should contact with an attorney and review the deed with him.

Best of luck,
Larry

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