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I added my brother to the deed as a joint owner.

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akoush Joined: 28 Apr 2009 Posts: 3 2.26 Dollars($)	Posted: Tue Apr 28, 2009 7:52 am    Post subject: I added my brother to the deed as a joint owner. The mortgage is still on my name I have not earned any income, it was not a sale transaction, I received letter that I owed the income taxes from this transaction. Can you help me to understand why I have to pay and do I have to pay? State: Florida
smithsussane Joined: 18 Sep 2008 Posts: 3738 Location: Alaska 561.45 Dollars($)	Posted: Tue Apr 28, 2009 9:56 pm    Post subject: Hi akoush! Welcome to forums! If it was not a sale transaction, then I don't think you should owe income taxes on it. But, yes, you will have to property taxes for the property. In my opinion, you should contact a tax adviser and take his opinion in this regard. Feel free to ask if you have further queries. Sussane

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