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Question on Quit Claim and filing taxes

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kthg03 Joined: 08 Oct 2008 Posts: 2 1.45 Dollars($)	Posted: Wed Oct 08, 2008 5:05 pm    Post subject: Question on Quit Claim and filing taxes Like 0 Dislike 0 If you are not on the loan, but you have a quit claim deed giving you half ownership of the home, and you pay half the mortgage, can you claim half of the house on your taxes?
kpatrick Joined: 29 Oct 2007 Posts: 155 Location: Atlanta, Georgia 41.72 Dollars($)	Posted: Wed Oct 08, 2008 7:58 pm    Post subject: Like 0 Dislike 0 Absolutely, just be sure the other person doesn't claim the full amount of the taxes, and knows to just claim half. _________________ (770) 886-3140
kthg03 Joined: 08 Oct 2008 Posts: 2 1.45 Dollars($)	Posted: Thu Oct 09, 2008 7:17 am    Post subject: Like 0 Dislike 0 Wonderful, thank you for your response.
jheard Moderator Joined: 12 Dec 2007 Posts: 734 Location: Houston, TX 116.72 Dollars($)	Posted: Thu Oct 09, 2008 7:27 am    Post subject: Like 0 Dislike 0 I believe you must be obligated to pay, that is, on the loan. Check with a CPA. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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