What are the tax implications of quit claim deed?

does a quit claim affect the credit of the person. if so how long?

I think not, until and unless there is not delay in payment and all.

my mother signed a quit claim deed to me in 2005 for home that still has a mortage remaining. she is in bad health and unable to continue to pay the mortage payments. i rented the property out for about six months in 2005. will i be able to claim all the tax deduction that are awared to rental property owner on my 2005 taxes.

Hi TC,

If your name is on the deed and you are renting the property then the rental income should be added to your income.

Any expenses made towards the maintenance or running of a rental property is tax deductible.

Following are the areas where you can get a tax deduction -

• Any interest paid on a mortgage taken to improve rental property.
  
• Any expense made for the repair of a rental property.
  
• Rental property owners are entitled to a tax deduction whenever they drive anywhere for their rental activity. Also, they will get deductions for their hotel bills and meals.
  
• If any part of your property in rent is damaged from an accident, then you will get tax deduction on the damaged part.
  
• Any insurance paid towards the rental activity.
  
• Fees paid to the attorneys, accountants, property management companies for operating your rental property is tax deductible.
  

So, I shall advise you to consult an attorney and check for any of these activities performed by you so that you get a tax deduction.

Regards,
Blue

Once a quit claim deed has been signed over to someone, should the deed be taken to any branch of county or state office in which the property is located to be recorded by them for any reason, or just put away for safe keeping.

Hi TC,

Welcome to MortgageFit Forums.

For safety and avoiding future hazards the deed should be notarized and recorded with your local county's recorder office.

You can refer this section on quit claim deed for better understanding.

God bless you.

For MortgageFit,
Samantha

i purchased a railroad right away(abondoned years ago) from a former railroad subsidiary and my deed is a quit claim deed in pennsyvania. is it

sorry i hit wrong key. iam asking if my quit claim deed is valid for an abandoned railroad right of way i purched from a subsidiary of that railroad in the state of pennsylvainia

Hi,

As per i know yeah the deed is a valid one. But still i need to look for more information about it.

may be i can give you more information later.

thanks

Hi Skip,

Welcome to MortgageFit Forums.

A quit claim deed can be used to take possession of an abandoned railroad. But make sure that the railroad doesn't fall under government property.

There are some changes in the real state depending upon the state and to be safe it's better if you once consult a local real estate attorney and show him all the documents.

Get back to us if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Hi Beermeister,

Welcome to MortgageFit Forums.

It's nice to find that you care so much for the family. As far as I understand that you want the name of you and one of your brother's names on the deed.

A quit claim deed will allow you to do so. You should consult an attorney and involve him in the process and get the deed notarized.

Feel free to ask if you have any more queries.

God bless you.

For MortgageFit,
Samantha

Hello,
My mother is 82 years old & is getting ready to finally pay off her house. I live with my mother & I'm disabled. She wants to make sure the house is protected if something happens to her.

Should she turn the house over to me after it is paid off?

Thank you,
LK

She should probably add you to title and get a will drawn up if there are other heirs.

Hi Lk,

Welcome to Mortgagefit Forums.

If your mother wants to have your name on the deed, she may opt for a quit claim to add you in it.

It is advisable to involve an attorney in the whole process and get the deed notarized.

God bless you.

For Mortgagefit,
Samantha