Posted on: 17th Sep, 2010 03:03 am
my dad paid cash for a house 2 years ago. it is about 70k. he added me to title 4 months ago. he has judgement and wants to get off title and if going to quit claim himself off title soon. question- will he or i have to pay income tax on the house?
Hi guest,
Welcome to mortgagefit,
You have to pay the property tax henceforth and your father need to pay income tax if you are minor.If you are a major then your father won't be entitled to pay the income tax from the date of transfer of property.But prior to transfer he has to pay both property tax as well as income tax.
Feel free to ask any further query.
DIPA
Welcome to mortgagefit,
You have to pay the property tax henceforth and your father need to pay income tax if you are minor.If you are a major then your father won't be entitled to pay the income tax from the date of transfer of property.But prior to transfer he has to pay both property tax as well as income tax.
Feel free to ask any further query.
DIPA