Posted on: 20th Jul, 2010 10:06 am
Hello. I gave my mother 90K to purchase a condo in her name. She pays the property taxes. She did a quitclaim deed to me. Questions:
1. Property Taxes. Mom is low income, I am not. She was told that my name on the quitclaim deed prevents her from a property tax break that she may normally receive. Is this true? If so, what are our options to help her get this tax break?
2. Taxes upon execution of the Quitclaim: What are the tax implifications of this property when it passes to me?
Thanks-
Jeff
1. Property Taxes. Mom is low income, I am not. She was told that my name on the quitclaim deed prevents her from a property tax break that she may normally receive. Is this true? If so, what are our options to help her get this tax break?
2. Taxes upon execution of the Quitclaim: What are the tax implifications of this property when it passes to me?
Thanks-
Jeff
Hi JTF,
If the property is in your name, then you would receive the property tax breaks and not your mother. She should have the property in her name in order to receive the tax breaks.
You would be responsible for property taxes and fees related to the transfer of the property. If your mother transfers the property to you as a gift, then she would be liable for the gift taxes.
Thanks
If the property is in your name, then you would receive the property tax breaks and not your mother. She should have the property in her name in order to receive the tax breaks.
You would be responsible for property taxes and fees related to the transfer of the property. If your mother transfers the property to you as a gift, then she would be liable for the gift taxes.
Thanks