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Removing name from Deed

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wolfy258 Joined: 05 Oct 2010 Posts: 1 1.32 Dollars($)	Posted: Tue Oct 05, 2010 10:03 am    Post subject: Removing name from Deed Like 0 Dislike 0 I bought a house in NY a year ago and in order to secure the mortgage, my sister and I are on both the mortgage & deed. But I own the house. I took all the deductions & first time home buyer credit for the house and !00% of the downpayment & closing costs were paid by me. Now, I'm ready & qualify to refinance by myself. I want to remove my sister's name from the deed (she's also willing) but my concern is the tax consequences. Do I or her have to pay any taxes? Thanks!
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed Oct 06, 2010 12:05 am    Post subject: Like 0 Dislike 0 Hi wolfy, You want to remove your sister from the property deed. As a result, your sister will have to sign a quit claim deed in your favor. If she transfers the property as a gift, then she will be liable for paying the gift taxes. Thanks

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