Posted on: 24th Sep, 2007 10:05 am
The house I live in is owned by my mother although I pay all the bills. She lives in another house and claims the Homestead Exemption on that house, so the exemption cannot be taken on the house I live in.
Can we use a Quitclaim Deed to transfer ownership of the house I live in to me so that I can claim the Homestead Exemption?
Thanks,
Richard
Can we use a Quitclaim Deed to transfer ownership of the house I live in to me so that I can claim the Homestead Exemption?
Thanks,
Richard
If she transfers the ownership to you then you get all the rights involved with owning the home. However if she has a mortgage on your house then it will probably be considered her second property and you won't qualify.
Hi Richard,
If your mother quitclaim you the property, the entire ownership will get transferred in your name. And after getting over the ownership rights, you will have the right to claim homestead exemption on the property. But as said by Livinginnky, if there is a loan against the house, then you may not be able to qualify for the homestead exemption.
If your mother quitclaim you the property, the entire ownership will get transferred in your name. And after getting over the ownership rights, you will have the right to claim homestead exemption on the property. But as said by Livinginnky, if there is a loan against the house, then you may not be able to qualify for the homestead exemption.
