Posted on: 14th Jan, 2009 04:12 pm
There are 3 parties holding title to a house that is paid for. If one quit claims off, does that mean the other two have to pay taxes on the 1/3?
Hi Nancy,
Yes, if one of the 3 parties quitclaims the property and gives away the ownership to the other two, then the other two parties will be responsible for paying the taxes on the whole property.
Thanks
Yes, if one of the 3 parties quitclaims the property and gives away the ownership to the other two, then the other two parties will be responsible for paying the taxes on the whole property.
Thanks