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 Bessa,
Welcome to our forums.
Once your mother quitclaims the property over to the four of you, the ownership rights are with you all. The property is now your residence.
Regarding any monetary consideration, well, the grantor will claim a certain amount in return of the property transfer. being the grantee, you cannot claim the property taxes and maintenance fees, even though you ahve your own properties.
Good luck
Welcome to our forums.
Once your mother quitclaims the property over to the four of you, the ownership rights are with you all. The property is now your residence.
Regarding any monetary consideration, well, the grantor will claim a certain amount in return of the property transfer. being the grantee, you cannot claim the property taxes and maintenance fees, even though you ahve your own properties.
Good luck
Hello Nykia,
It depends on the grantor what portion of interest in the property is he conveying to you by the quit claim.
It depends on the grantor what portion of interest in the property is he conveying to you by the quit claim.
Hello,
My issue is I am in the process of buying a waterfront home and the actual piece of waterfront property is not deeded to the home. The two previous owners have quit claimed the property to the new owers of the home. My lawyers say that isn't good enough they want the 50x80 foot of waterfront added to the deed for the home. So should I settle for the qiut claim or should I fight to get a clear title on the waterfront property. There doesn't seem to be any rightful owner of the property and the current owner has been paying tax on the waterfrontage for 20 years.
Thanks for any help
Bill
My issue is I am in the process of buying a waterfront home and the actual piece of waterfront property is not deeded to the home. The two previous owners have quit claimed the property to the new owers of the home. My lawyers say that isn't good enough they want the 50x80 foot of waterfront added to the deed for the home. So should I settle for the qiut claim or should I fight to get a clear title on the waterfront property. There doesn't seem to be any rightful owner of the property and the current owner has been paying tax on the waterfrontage for 20 years.
Thanks for any help
Bill
Hello Bill,
I think it will be better if you obtain a clear title with the 50x80 added to the deed. That will help you in any future transactions.
I think it will be better if you obtain a clear title with the 50x80 added to the deed. That will help you in any future transactions.
I am a single mother who has lived with her boyfriend and mother for 2 years. The mortgage was put into my name 2 years ago and is now in forclosure. I have recently moved out and want to file chapter 7. My boyfriend and mother are still living in the home and are desperate to keep it. He has asked me to quit claim the property to him so he may file chapter 13 to save the house. Is this legal and what effects can it have on me?
hello carrie,
if you want to transfer ownership rights of your property before filing bankruptcy in order to save the property, that might be considered as a fraudulent conveyance.
i think it will be better if you consult an attorney and take his advice.
if you are on the mortgage, signing a quit claim deed will not release you from the financial obligations. you shall still remain responsible for the loan.
if you want to transfer ownership rights of your property before filing bankruptcy in order to save the property, that might be considered as a fraudulent conveyance.
i think it will be better if you consult an attorney and take his advice.
if you are on the mortgage, signing a quit claim deed will not release you from the financial obligations. you shall still remain responsible for the loan.
hi carrie,
welcome to the forum.
jenkin has given you sound info. if you quitclaim the property now before filing bk, it may be considered as a fraudulent act and even after transferring the property your financial obligations will not be removed. so can your boyfriend or your mother refinance the mortgage to remove your name? if not then you should not quitclaim the property to them.
consulting with an attorney regarding this is a good idea.
best of luck
happy holidays
welcome to the forum.
jenkin has given you sound info. if you quitclaim the property now before filing bk, it may be considered as a fraudulent act and even after transferring the property your financial obligations will not be removed. so can your boyfriend or your mother refinance the mortgage to remove your name? if not then you should not quitclaim the property to them.
consulting with an attorney regarding this is a good idea.
best of luck
happy holidays
Nice site. Very useful contents. I've been looking for information for a long time, and I've found it exactly here. Thank you
Hi Gigir Barabanovd,
Welcome to the forums and thanks for the appreciation.
As a community we always try to help people. So if you like this community I hope you also join this community and help people with your valuable information and suggestions.
Feel free to ask the community if you have any questions.
Best of luck,
Larry
Welcome to the forums and thanks for the appreciation.
As a community we always try to help people. So if you like this community I hope you also join this community and help people with your valuable information and suggestions.
Feel free to ask the community if you have any questions.
Best of luck,
Larry
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Hello Gigir Barabanovd,
Welcome to Mortgagefit discussion board.
That is really great that people like this community. If you really like this community, you can join this community and try to help people out by with different financial queries. As a community our endeavor is to help people and if we can do that, that is our greatest achievement.
Just join and be a member of the community. Hope you will enjoy participating in this community.
Thanks,
Blue
Welcome to Mortgagefit discussion board.
That is really great that people like this community. If you really like this community, you can join this community and try to help people out by with different financial queries. As a community our endeavor is to help people and if we can do that, that is our greatest achievement.
Just join and be a member of the community. Hope you will enjoy participating in this community.
Thanks,
Blue
hello,
my mom owns 4 acres of land that i am planning on building a house on and wanted to know if a quit claim is the best way to get my husband and i on as owners so that we can get financing from a bank to build the house, without my mom having to pay a penalty for capital gains or gifting the land at 12000.00 a year?
my mom owns 4 acres of land that i am planning on building a house on and wanted to know if a quit claim is the best way to get my husband and i on as owners so that we can get financing from a bank to build the house, without my mom having to pay a penalty for capital gains or gifting the land at 12000.00 a year?
Hello Chrissy,
Even if you do a quit claim and the transfer is considered as gift, then also your mom shall remain responsible to file gift tax returns if she exceeds the gift tax exemption limit of $12,000 per year per person.
She may not have to pay the tax if she has not crossed the total lifetime gift exemption limit of $1 million but the filing of the returns is necessary every time she makes a gift.
If she is selling the land to you, then she will have to pay capital gains tax if the selling price exceeds the purchase price.
In both the processes, quit claim has to be signed to transfer the ownership rights of the property to you.
Even if you do a quit claim and the transfer is considered as gift, then also your mom shall remain responsible to file gift tax returns if she exceeds the gift tax exemption limit of $12,000 per year per person.
She may not have to pay the tax if she has not crossed the total lifetime gift exemption limit of $1 million but the filing of the returns is necessary every time she makes a gift.
If she is selling the land to you, then she will have to pay capital gains tax if the selling price exceeds the purchase price.
In both the processes, quit claim has to be signed to transfer the ownership rights of the property to you.
Nice site. Very useful contents. I've been looking for information for a long time, and I've found it exactly here. Thank you