Posted on: 28th Dec, 2005 09:16 am
What are the tax implications of a Quit Claim? Who pays the property tax?
Thank you.
Thank you.
Hi Guest!
Welcome to forums!
If you're the only one on the property deed, then you can add someone else to property deed without any issues. However, if your husband's name is mentioned on the property deed, then you can add someone else to the deed only with his permission. As far as the mortgage is concerned, you will be liable for it. You cannot quitclaim your loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're the only one on the property deed, then you can add someone else to property deed without any issues. However, if your husband's name is mentioned on the property deed, then you can add someone else to the deed only with his permission. As far as the mortgage is concerned, you will be liable for it. You cannot quitclaim your loan.
Feel free to ask if you've further queries.
Sussane
My husband and i just had his parents Quit claim the two of us on their home along w/them. They are still on title because they have the loan. Can my husband and I still deduct the taxes once Quit claimed to us for the year of 2012. We Quit claimed on Sept. 2012. I know only one person can deduct the taxes, his parents want us too. Can we deduct for this year 2012?
Hi Mr.Rick,
You should contact a tax adviser and take his opinion in this matter. He will better help you know whether or not your husband will be able to get a tax deduction.
Thanks
You should contact a tax adviser and take his opinion in this matter. He will better help you know whether or not your husband will be able to get a tax deduction.
Thanks
hi, in 2010 me and my friend both 1 house and 2011 both another one (the same value) in Florida. We have never been married
2012 we signed quitclaim deed and now everybody own 1 house (instead of 2 halfs)
What will be the complication when we do our taxes with IRS?
Thank you
2012 we signed quitclaim deed and now everybody own 1 house (instead of 2 halfs)
What will be the complication when we do our taxes with IRS?
Thank you
If q lender offers a quitclaim for real property to satisfy a debt, can they still hold me liable for any unforgiving debt?
Hi Yana,
It will be better if you could get in touch with a tax adviser and take his opinion in this regard. He will let you know whether or not there will be any tax implication.
Hi Delta,
Even if you surrender the property to the lender, the lender may hold you responsible for the deficient balance resulting from the sale of the property.
Thanks
It will be better if you could get in touch with a tax adviser and take his opinion in this regard. He will let you know whether or not there will be any tax implication.
Hi Delta,
Even if you surrender the property to the lender, the lender may hold you responsible for the deficient balance resulting from the sale of the property.
Thanks
This would be a second home to me. It is worth about $100,000. dollars and I want to know what kind of cost I am responsible for now. My parents have just died.
Hi SusanK!
Welcome to the forums!
If the property is free and clear and if it is solely in your name, then you will be liable for the maintenance of the property, the property taxes, etc.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If the property is free and clear and if it is solely in your name, then you will be liable for the maintenance of the property, the property taxes, etc.
Feel free to ask if you've further queries.
Sussane
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