Posted on: 30th Jul, 2010 04:04 pm
A friend wants to deed their house to my wife and I.
They want to recieve a tax break if possible. What's the best way for them to go about doing this?
They want to recieve a tax break if possible. What's the best way for them to go about doing this?
Welcome globetrekkerman,
Your friend can use a quit claim deed and transfer the property to your wife and you. Once they transfer the property to you, then you need to refinance the loan to get it transferred in your name. This will release them from the loan liability.
"They want to recieve a tax break if possible. " I didn't understand what you wanted to mean by this. Can you explain this, please?
Your friend can use a quit claim deed and transfer the property to your wife and you. Once they transfer the property to you, then you need to refinance the loan to get it transferred in your name. This will release them from the loan liability.
"They want to recieve a tax break if possible. " I didn't understand what you wanted to mean by this. Can you explain this, please?