Posted on: 20th Feb, 2009 09:15 am
My mother and I bought a house together 3 years ago. Since my credit was not good the house was put in her name. I make all payments for the house. Would it be a good idea for us to to a quit claim so that my name is also on the deed in case anything happens to her? Also, she receives the tax deductions even though I make payments. with a quit claim would I then be able to take the deductions for the mortgage?
Hi Becky,
Once the title of the property has been transferred to you through a quitclaim deed, I don't think you can avail the tax deductions that she's receiving now. She can create a will nominating you as heir to her property so that upon her death you inherit it. However, a tax consultant can advise you on that in a better way.
Once the title of the property has been transferred to you through a quitclaim deed, I don't think you can avail the tax deductions that she's receiving now. She can create a will nominating you as heir to her property so that upon her death you inherit it. However, a tax consultant can advise you on that in a better way.