Posted on: 10th Sep, 2008 01:20 pm
I SINGED FOR A HOUSE FOR MY SON AND DAUGHTER INLAW,DUE TO THEM NOT HAVING ANY CREDIT. THEY HAVE PIAD ALL THE BILLS SINCE. IF I QUIT CLAIM THE HOUSE TO MY DAUGHTER INLAW,WILL SHE BE ABLE TO QUAILIFY FOR HOMESTEAD TAXES,SINCE I OWN A HOUSE SOME WHERE ELESE AND CLAIM HOMESTEAD TAXES THERE. I AM THE ONLY PERSON ON THE LOAN.THE TAXES ARE UNREAL SINCE THEY DONT GET HOMESTEAD TAXES . IF A CANT DO THAT WHAT ARE MY OPTIONS
Welcome guttman.
Homestead exemption is applicable in case of property taxes. If you are on the loan and property taxes are paid out of escrow as part of the monthly mortgage payment, then i doubt whether your daughter-in-law can get the exemption. This is because in such a situation, you'll have to remove your name from the loan also. Otherwise, if property taxes are paid separately, then chances are that if you quitclaim property, your daughter-in-law will be able to get the exemption.
Thanks.
Homestead exemption is applicable in case of property taxes. If you are on the loan and property taxes are paid out of escrow as part of the monthly mortgage payment, then i doubt whether your daughter-in-law can get the exemption. This is because in such a situation, you'll have to remove your name from the loan also. Otherwise, if property taxes are paid separately, then chances are that if you quitclaim property, your daughter-in-law will be able to get the exemption.
Thanks.