Posted on: 24th May, 2010 01:56 pm
My significant other has put in a lot of money on my house which is in my name. I would like to "sell him" part of the house as he has invested in it and was told that the best way was a quit claim? Will this be a tax deduction for him? Penalty for me? Refinancing with him on the property deed would be costly. Your suggestions please?
hi karen!
welcome to forums!
you will be able to add your significant other to the property deed with the help of a quit claim deed. if his name is on the mortgage, then he will be able to claim tax deductions. i don't think there would be any penalty for you. if you want to add your partner to the mortgage, then you'll have to refinance the mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will be able to add your significant other to the property deed with the help of a quit claim deed. if his name is on the mortgage, then he will be able to claim tax deductions. i don't think there would be any penalty for you. if you want to add your partner to the mortgage, then you'll have to refinance the mortgage.
feel free to ask if you've further queries.
sussane