Posted on: 21st Mar, 2009 09:48 am
my adult son lives in a house bought by me he pays all bills and upkeep of the house but is not on the title or the mortgage. I would like to add him to the title so that he has a interest in the house. Would this help with the property taxes since he lives there an could homestead the house? also what would be the best way to add him id prefer not to have to "sell" him the house outright and have to pay closing costs and everything all over again. This is not my primary residence and so the property taxes are higher and he gets no tax break even though he is paying the mortgage.
Hi slycye,
To add your son to the title you do not have to sell the house to him. You can simply sign a quit claim deed whereby you will transfer the property interest to either you and your son or to your son alone. However, as there is mortgage on the property, you may be required to inform the lender about the title change. I think he can also claim tax break if he can show this as his primary residence.
To add your son to the title you do not have to sell the house to him. You can simply sign a quit claim deed whereby you will transfer the property interest to either you and your son or to your son alone. However, as there is mortgage on the property, you may be required to inform the lender about the title change. I think he can also claim tax break if he can show this as his primary residence.
well that might be my best option the county is trying to charge me more money for my "RENTAL PROPERTY" which is not a rental my son could not get approved for the loan....but its getting to be alot of hassle so i hope this works..
Hi cyedavid,
I also think a quitclaim deed would be a good option for you. This will not be considered as 'sale'. You can quitclaim it as a gift and get gift tax credit also. Moreover, this is supposed to be a lot more hassle-free process.
I also think a quitclaim deed would be a good option for you. This will not be considered as 'sale'. You can quitclaim it as a gift and get gift tax credit also. Moreover, this is supposed to be a lot more hassle-free process.
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