Tax implications of Quit claim deed

Guest

I was wondering if there is any thing that i could do here, My dad Did a Qiuck deed and put property in my name and then this property was sold, with the money, my dad paid off the loan that was on the property. Now the IRS is showing that i Made a Gross profit because the Land was in my name and the Loan was still in my dads name. is there any way to reverse the Quick deed

helping_user · Posted: Thu Mar 27, 2008 11:59 pm Post subject:

Hi,

I've already shared my views at http://www.mortgagefit.com/quitclaim/reversedeed-cancelprofit.html . Please have a look.

Thanks.

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