Posted on: 13th Mar, 2010 08:52 pm
my husband's grandparents (ages 89 & 90) set up a revocable living trust. my husband's name is on the legal documents of the home site of the farm in addition to some of the surrounding land. his sister and 2 cousin's names were put on additional land. it has been this way for approximately the last 3 years. his grandparents still live in the home and collect all of income from the farm land. they also pay for the property tax. this morning they showed up at our house requesting we sign a quit deed. what will happen if we sign the quit deed?
i do our taxes using turbo tax but do not claim the property tax for this land. should i be documenting that we "own" this land somewhere in our taxes? can we claim the property tax for this or do they get to being they are still getting the income from the renting of the farm land.
i do our taxes using turbo tax but do not claim the property tax for this land. should i be documenting that we "own" this land somewhere in our taxes? can we claim the property tax for this or do they get to being they are still getting the income from the renting of the farm land.
Hi icecicles,
If you and your husband sign the quit claim deed, then you won't be considered as the owner of the property any more. As you would be signing off the property, you won't be considered as the owner. Thus, you won't be able to claim the land on your taxes.
Thanks
If you and your husband sign the quit claim deed, then you won't be considered as the owner of the property any more. As you would be signing off the property, you won't be considered as the owner. Thus, you won't be able to claim the land on your taxes.
Thanks
If we refuse to sign the quitclaim deed, is there any other way that they would be able to take the property back?
They collect the income off the land as well as pay for the taxes. We do not claim any of this on our taxes currently. Should we be? Thanks for the help!
They collect the income off the land as well as pay for the taxes. We do not claim any of this on our taxes currently. Should we be? Thanks for the help!
Hi icecicles!
Welcome to forums!
If you refuse to sign the quit claim deed, then the grandparents won't be able to force you to do so. If they do so, then you would be considered as illegal. If the property is in your name, then you would be able to claim the property tax payments on your taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you refuse to sign the quit claim deed, then the grandparents won't be able to force you to do so. If they do so, then you would be considered as illegal. If the property is in your name, then you would be able to claim the property tax payments on your taxes.
Feel free to ask if you've further queries.
Sussane