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Quit claim deed and financial responsibility

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budlenium Joined: 04 Aug 2011 Posts: 1 1.29 Dollars($)	Posted: Thu Aug 04, 2011 11:31 am    Post subject: Quit claim deed and financial responsibility Like 0 Dislike 0 Parents bought house and have mortgage loan. I live in the property and make the loan and tax payments. They have quit claimed the home to me. I continue to make the loan payments and taxes. Can I claim the interest and taxes paid as tax deductions at the end of the year?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Aug 04, 2011 8:10 pm    Post subject: Like 0 Dislike 0 Hi budlenium, The mortgage is still not in your name. In such a situation, I don't think you will be able to claim the interest and taxes paid as tax deductions at the end of the year. However, you can contact a tax adviser and take his opinion in this regard. Thanks
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Fri Aug 05, 2011 2:14 am    Post subject: hi budlenium ! Like 0 Dislike 0 You have to tell us more details about that so that we can come up with the right solution to your problem. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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