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jerry · Posted: Tue Jun 13, 2006 8:40 pm Post subject: RE:

Hi,

As far as I know, your husband's brother will get a write off for taxes which are not included in the mortgage payments as the mortgage is not in his name.

Thanks,
Jerry.

helping_user · Posted: Tue Jun 13, 2006 9:33 pm Post subject: Re

Hi Tadah,

In general, the primary owner of the property is liable for the payment and he will get write off for taxes as the interest payment.

I think here your husband's brother can add his name to title through the title deed. But he will not get any write off in taxes. Because he will not primary owner of the property and he is also not making the payment. For that, you need to make him as the primary owner of the property. And in that case you can't take the advantage of taxes write off.

If the property is taken as co-ownership then only all the owners can take the advantage of write off the taxes.

But I am not sure. So, it will be better if you consult any Tax Consultant before taking any steps.

Thanks

Guest

I gave my brother a quit claim deed for a cabin we owned together as security for a small debt (under $10,000). I have paid the dept to him but he is dragging his feet about returning 50% of the property title to me. I believe he has borrowed money from the bank on the cabin and I'm concerned about my share of a $200,000 property.

blue · Posted: Thu Jun 15, 2006 10:27 am Post subject:

Hi Vickie,

I can feel the trouble. Did you get any note against the agreement made between you and your brother?

I am really surprised how you could keep the whole interest in your property as security against such a small debt. I mean to say the debt amount is much less than the property value.

Now if you have any copy of any agreement made then you can take that to a lawyer and take suggestions from him on how to proceed.

If you do not have any agreement papers then it is difficult to claim the property unless he signs the deed back to you. In any case talk to a lawyer before it is too late.

Blue

Guest

Vickie,

If all the other things fail and you find him not signing the deed back to you then you have to prove that the deed was signed under pressure or you were cheated.

This is not an easy thing to prove but there is a chance that your lawyer fights the case properly for you. I wish you all the luck. Don't worry too much now and contact a lawyer first to take his suggestions.

Guest

1. My sister, my brother and my self own each 1/3 interest in three parcels in Co.Can we quit claim those interests, so that each of us owns a parcel?
2. I own a parcel which was put in a Arizona corporation in 1995. Can I quit claim it back to myself?

helping_user · Posted: Fri Jun 16, 2006 4:19 am Post subject:

Hi Regula,

Caron

Hi Regula,

You should take permission from the Arizona Corporation as to whether you can quit claim back your property. For further clarifications in this regard, contact an attorney as soon as possible.

Thanks,

Caron.

Guest

My mother is failing and in nursing care. She wants me to have the homestead and another business property. She asked my sister to make a new will and include a granddaughter in the division of her cash assets. Mom then told me to go ahead and put the property in my name. She quit clamied both properties and I recorded the deed on the business property and am holding back on the homestead in case she needs more assets for her medical needs.
We know not what is actually in the new will. Mom nor I trust my sister.
Should I wait and hope the will was drawn as mom wanted or go ahead and record the homestead quit claim?
I am more interested in the tax value to me if I inherit the home compared to the gift aspect.
I know I will have to pay the property taxes.
The total estate value is less than $600,000.00

Guest

In my opinion you should go ahead with the quit claim deed. That would be more safer I believe.

blue · Posted: Fri Jun 16, 2006 10:36 am Post subject:

Hi JW,

I can understand your anxiety. Since you already have your name on the deed so, you can't be removed from the property rights.

It's better if you consult an attorney to be assured as this involves complicated legal matters

Guest

my mother was talked into a quit claim deed back 5 years ago. She made the deed to me for a value of $1 of her main home we sold this home am I the one responsible to pay the capital gains tax on it? She bouth the home for $20,000 is $20,000 my basis or is it the $1 I paid for the transfer?

thank you
My Funds

blue · Posted: Thu Jun 22, 2006 12:37 pm Post subject:

Hi,

IMO, the tax will be calculated taking into account your purchase price and the current value of the property.

You can consult a tax advisor for the purpose.

Blue

jameshogg · Posted: Thu Jun 22, 2006 1:26 pm Post subject:

Capital gain tax is calculated on the capital gain on your property. Capital gain is the difference between the sales price and your adjusted basis in the property.

Normally adjusted basis is the price that has been paid by you for the property plus repairs and improvements and less any depreciation that has taken on the property.

You can consult a tax professional for appropriate information

Guest

I have taken care of an elderly lady for years. She quit claimed her duplex over to me two years ago. I never filed the paper. My question is. If the quit claim has both our names will she be able to keep her little exemption on taxes? Also if she passes away will the house go straight into my name? I had right of surviorship put on the quit claim. One more question please! How much would taxes change if the quit claim was just my name?

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Tax implications of Quit claim deed