Posted on: 24th Sep, 2007 12:24 am
My father quit claimed his rental property to me about 5 yrs. ago-I live in one of the rental units, however, he still claims the rental property on his taxes-is it ok for him to claim the property on his taxes?
Hi White,
Welcome to forums.
If your father has already quitclaimed the rental property to you, then he cannot file taxes on it. You are the owner right now and so you should pay property taxes on it.
Take Care
Welcome to forums.
If your father has already quitclaimed the rental property to you, then he cannot file taxes on it. You are the owner right now and so you should pay property taxes on it.
Take Care
Hi White,
Once your father has transferred the property in your name, he cannot file the property taxes on it. He has no right to claim the property taxes.
Once your father has transferred the property in your name, he cannot file the property taxes on it. He has no right to claim the property taxes.
I think you guys misunderstood the question.
Yes he is required by law to claim any income for his taxes. If he collects the rent, no matter who owns the property, it is his income and he must pay taxes on income.
Now the property taxes are your responsibilty because you actually own the property
Hope this clears things up.
Yes he is required by law to claim any income for his taxes. If he collects the rent, no matter who owns the property, it is his income and he must pay taxes on income.
Now the property taxes are your responsibilty because you actually own the property
Hope this clears things up.
