Posted on: 05th Feb, 2009 04:46 pm
If I purchased a house and then immediately quitclaimed it to my son, would I still be able to maintian a tax deduction for it?
Hi krisdel,
In this case, you have quitclaimed the property to your son. So, legally your son is financially responsible for the property and thus, will have to pay property taxes.
Now, if your son got it as a gift from you and it's value is over $12,000(per year per person gift limit), he will have to file form 706 and 709 for a consideration of the excess amount as a part of the lifetime gift limit of $1million.
I suggest you better take advice from a tax expert who can guide you properly, in this regard.
In this case, you have quitclaimed the property to your son. So, legally your son is financially responsible for the property and thus, will have to pay property taxes.
Now, if your son got it as a gift from you and it's value is over $12,000(per year per person gift limit), he will have to file form 706 and 709 for a consideration of the excess amount as a part of the lifetime gift limit of $1million.
I suggest you better take advice from a tax expert who can guide you properly, in this regard.