Posted on: 01st May, 2010 05:48 pm
My mother has her name, my brother's and my name on the deed for her home. She wants to do a quitclaim deed to just put my name on the deed, my brother is in agreement. Would I then be entitled to write of the cost of property taxes and repair expenses if we choose to rent the home. My mom has been living with us for several years and we pay the expenses for the upkeep of the home thought we may only stay in it 1-3 weeks out of the year.
Welcome Zelda,
You would be liable for the property taxes and repair expenses once the property is transferred to you. If you pay these expenses, then you would be able to claim it on your taxes.
You would be liable for the property taxes and repair expenses once the property is transferred to you. If you pay these expenses, then you would be able to claim it on your taxes.
Thank you for your reply.