Posted on: 22nd Apr, 2009 12:23 pm
hopefully someone can help me. my husband and i agreed to purchase a home with my parents in late 2003 after my mother was diagnosed with cancer. we decided to do this to assist with her care and spend what ever amount of time she had remaining, together. my father’s name is solely on the mortgage of the home although the verbal agreement was for us to split everything, a true 50/50. unfortunately, we lost my mom in oct. 2007 and earlier this year my father was laid off.
my husband and i now pay the entire mortgage, all the house bills and half of the property taxes. as a senior citizen, my father qualifies for a lesser rate on property taxes.
thankfully, my husband and i are able to afford all of this however, when we file our income taxes we don’t get credit for being home owners.
if i’m understanding these forums correctly, we could have my father sign a quit deed adding myself or my husband to the deed? if so, could my husband and i then claim the house on our income tax? if we are added to the deed, would this affect the property tax rate my father qualifies for as a senior citizen?
my husband and i now pay the entire mortgage, all the house bills and half of the property taxes. as a senior citizen, my father qualifies for a lesser rate on property taxes.
thankfully, my husband and i are able to afford all of this however, when we file our income taxes we don’t get credit for being home owners.
if i’m understanding these forums correctly, we could have my father sign a quit deed adding myself or my husband to the deed? if so, could my husband and i then claim the house on our income tax? if we are added to the deed, would this affect the property tax rate my father qualifies for as a senior citizen?
Hi DawninAustin,
If your father adds you and your husband to the title through a quitclaim deed, I think this may affect the property tax rate that your father as a senior citizen qualifies for. Moreover, if you are on the title to the property, you can claim the property taxes on your income tax, but since the loan is in your father's name you might not be able to deduct the mortgage payments you make on his behalf.
If your father adds you and your husband to the title through a quitclaim deed, I think this may affect the property tax rate that your father as a senior citizen qualifies for. Moreover, if you are on the title to the property, you can claim the property taxes on your income tax, but since the loan is in your father's name you might not be able to deduct the mortgage payments you make on his behalf.