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Income Tax?

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tura63 Joined: 14 Apr 2009 Posts: 1 1.33 Dollars($)	Posted: Tue Apr 14, 2009 10:40 am    Post subject: Income Tax? Like 0 Dislike 0 I received a Quitclaim Deed from my parents for their house and property. They live in Tennessee and I live in California. There is also a "Retain a life estate in the subject property" clause. I have no intention of moving back at this moment. The house and property are paid for and my parents will continue to pay the property taxes and live there as long as they are alive and can care for themselves. Is there anything I need to do regarding paperwork or Fed/State taxes for either California or Tennessee?
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Tue Apr 14, 2009 10:59 pm    Post subject: Like 0 Dislike 0 Hi tura! Welcome to forums! As the property has been transferred in your name, you will be liable to pay the property taxes. But as your parents have agreed to pay the property taxes, I don't think you should worry about it. However, you can contact a tax assessor and discuss your options with him/her. Sussane

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