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Quit Claim Deed

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Friend Helping a Friend Guest	Posted: Tue May 01, 2007 6:28 am    Post subject: Quit Claim Deed Like 0 Dislike 0 I am hoping that you can help. On the day that my boyfriend got a divorce, his ex-wife presented to him a "Quit Claim Deed." She said the reason why he should sign is because it will keep him from being there to show the house (the house is up for sale). He pays her 60 - 70% of his paycheck to cover the mortgage payment, insurance, home equity line, etc... My questions are: Can he reverse the quit claim deed since he was under pressure and stress on the day of his divorce? Does he have a right to what the selling price of the house is? She could have this house on the market for years before she sells! Also, can he claim a portion on the taxes at the end of the year since he is paying his portion of the mortgage (his name is still on the mortgage). Please help! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Rutherford Guest	Posted: Tue May 01, 2007 11:15 am    Post subject: Like 0 Dislike 0 Hi, I know about quit claim deed from what I have read at this site and can say that once the deed is made out it cannot be reversed. To get back whatever interest he had, a new quit claim deed will have to be made. Rutherford
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Tue May 01, 2007 12:35 pm    Post subject: Like 0 Dislike 0 Hi Guest, I appreciate your concern for your friend but after a quit claim deed is created and properly recorded it cannot be reversed. Only way to get back the property is to ask his ex-wife to make a new quit claim deed to transfer the house title back to him. He will also have no right to claim any share from the proceeds of the sale as he no longer owns the house. But why is he still paying the mortgage? Does the divorce decree state that he will have to make the payments? Miller
McGrady Guest	Posted: Tue May 01, 2007 5:18 pm    Post subject: Like 0 Dislike 0 Quote: Also, can he claim a portion on the taxes at the end of the year since he is paying his portion of the mortgage (his name is still on the mortgage). Please help! If he is making payments as per the divorce agreement then he can deduct the payments as alimony on his return. You can read more about it from here: http://www.irs.gov/publications/p504/ar02.html#d0e2047
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 808 Location: OHIO 438.43 Dollars($)	Posted: Wed May 02, 2007 12:23 am    Post subject: RE: reverse quitclaim and claiming tax deductions Like 0 Dislike 0 Hi Guest, Welcome to our community forums. Your boyfriend can reverse the quitclaim deed if he can prove in the court that he was forced to sign it under pressure and stress. But for this, he also needs to convince his ex-wife to quitclaim back to him whatever interest in property he had initially given up. As far as getting a part of the sale proceeds or deciding upon the sale price is concerned, your boyfriend will not have any right until and unless he gets back his ownership on the property again through a quitclaim deed. Your boyfriend cannot claim the tax deductions at the end of year even though he is paying for the home loan. In order to make such a claim, one should own the property on which there is the loan for which he is paying. Regards, Jessica. _________________ http://jessica.mortgagefit.com/
Friend Helping a Friend Guest	Posted: Wed May 02, 2007 6:55 am    Post subject: Quit Claim Deed Like 0 Dislike 0 Thanks for the reply. I have a question, since he is paying her a substantial amount of money a month (per divorce decree) can he claim that as alimony on his taxes at the end of the year? Thanks.
colin Moderator Joined: 30 Jun 2006 Posts: 582 Location: Waltham, Massachusetts 112.65 Dollars($)	Posted: Wed May 02, 2007 12:23 pm    Post subject: Like 0 Dislike 0 Hi, Yes as the payments are being made as per the divorce decree, it is considered as alimony and thus it is deductible for your friend. He will have to file Form 1040 and on line 31a he will have to enter the amount of alimony he is paying. And on line 31b, enter his wife's social security number. Also please go through the irs page McGrady provided in his post, this page explains the alimony payments and situations when a payer can deduct alimony he is paying. Colin
Annamarria Guest	Posted: Wed Mar 09, 2011 3:37 pm    Post subject: quit claim & tax deduction Like 0 Dislike 0 In my divorce My ex quit claimed the house to me & I quit claimed a rental property to him. Now he wants to claim mortgage interest and texes for tghe tree months he lived in the house nefore the divorce. I said no and that if he did that I would take the portion of the rental deductions for the months I owned that. Is he entitled to claim the deduction on property he quit claimed?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Mar 09, 2011 10:26 pm    Post subject: Like 0 Dislike 0 Welcome Annamarria, Your query has been replied to in the given page: http://www.mortgagefit.com/propertytransfer/about50216.html Take a look at it. I hope it will help you. _________________ Procrastination is the enemy of your financial success

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