Posted on: 02nd Aug, 2009 10:32 am
We co own a house and we both live in it. he is turning 65 and would like the exemption 100%. because we are not married they will only give a 50% exemption.so we are considering quitclaim deed to transfer my rights and he will get the full 100%.
Hi Howcan,
If you transfer the full property rights to your partner, then he would definitely receive 100% exemptions. But you should note that you would lose the ownership rights to the property. If you intend to stay in the property, then you can add a life estate clause in the property deed which will give you the rights to stay in the property until death.
If you transfer the full property rights to your partner, then he would definitely receive 100% exemptions. But you should note that you would lose the ownership rights to the property. If you intend to stay in the property, then you can add a life estate clause in the property deed which will give you the rights to stay in the property until death.
Thank you