Posted on: 30th Jan, 2013 01:53 pm
My brother quit claimed 2 properties to me.One is paid off the other is not. Does this mean now my assets have increased? Do I have to show them on my taxes as income or Assets? What besides paying taxes on the property am I legally responsible for tax wise?
Hi Robby!
Welcome to forums!
Obviously your assets have increased. Two properties have been transferred in your name. As far as your taxes are concerned, you should get in touch with a tax adviser and take his opinion in this regard. You will be liable for the maintenance and the taxes of the property. If the loan gets transferred in your name, then you will be liable for the loan as well.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Obviously your assets have increased. Two properties have been transferred in your name. As far as your taxes are concerned, you should get in touch with a tax adviser and take his opinion in this regard. You will be liable for the maintenance and the taxes of the property. If the loan gets transferred in your name, then you will be liable for the loan as well.
Feel free to ask if you have further queries.
Sussane
Hi Robby,
As Sussane has said, yes, with the transfer of 2 properties in your name, your assets have definitely increased. You are fully responsible for the maintenance of the property.
Thanks
As Sussane has said, yes, with the transfer of 2 properties in your name, your assets have definitely increased. You are fully responsible for the maintenance of the property.
Thanks