| Author |
Message |
|
|
mommamia
Guest
|
 Posted: Mon Jun 01, 2009 8:31 am Post subject: quit claim deed |
|
|
| my mom is considering quit claiming her home(home has no mortgage)to me. we have heard that should she ever go into a nursing home, they can take her home as payment for services there. what are the "downs" for both of us if we do a quit claim?? will we pay more taxes on the home, (moms)i am, of course, much younger than mom? will i personally pay more income tax at the end of the year?? should we record this quitclaim?? we live in florida. i do own my own home.[/b] |
|
|
 Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
|
| Posted: Mon Jun 01, 2009 8:57 pm Post subject: |
|
|
mommamia you cna absolutley do quit claim deed. You will pay taxes probably when you sell the house.
But there are some clauses which may help you not to pay taxes,but you may need to consult tax consutltant. |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
| Posted: Mon Jun 01, 2009 9:52 pm Post subject: |
|
|
Hi mommamia!
Welcome to forums!
If you mother quitclaims the property now, she will not be eligible to receive the medicaid benefits for the next 5 years. This is known as look back period. If the property is transferred to you by a quitclaim deed, then you should definitely record the deed.
However, you can contact a lawyer and check out if you can transfer the property in your name by a ladybird deed.
Feel free to ask if you have further queries.
Sussane |
|
|
