tax implications of joint home ownership
This is a discussion on tax implications of joint home ownership within the Tax Issues forum, part of the BUSINESS & FINANCE LAW category; Last year my mother used a quit claim deed to transfer her home from her name solely to our names ...
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#1 |
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Last year my mother used a quit claim deed to transfer her home from her name solely to our names jointly (so ownership would transfer to me if she died). No money was exchanged. I do not live in the home. The home is in MI and I am in TX. She owns the home and pays all property taxes. What needs to change about our income taxes? Do I claim ownership on my taxes even though I do not live there and I pay no expenses for the home? Does she need to do anything differently?
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#2 |
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Hi--we normally do not give specific tax advice on this site; you may check the H & R Block web site for 20 dollars: HR Block Tax Advisor link --
http://www.hrblock.com/taxes/product...p?productId=44 |
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#3 |
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Hi-
I'm sorry. I wasn't necessarily looking for specific tax advice (I realize I didn't word my question well). I think my question is a broader one: just because I am now on the deed, do we have to treat the house as jointly owned? It would be easiest if we could ignore the fact that I am on the deed and proceed as if she is the sole owner and I do not own a home, but I don't know if this is legal. If this is also an inappropriate question for this forum, please let me know and we can let the thread die. Thank you! |
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#4 |
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You don't have to involve it as a matter of law going forward; you can wait until it is sold etc. to deal with it as to your finances.
But still you may want a tax person to discuss the transfer or gifting of the home as that often does have some tax consequences. |
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| Thread | Thread Starter | Forum | Replies | Last Post |
| Joint ownership with survivorship | Unregistered | Other Real Estate Law Matters | 1 | Jul 15th, 2009 02:03 PM |
| Joint Ownership | Dazed & Confused | Miscellaneous Topics | 0 | Dec 1st, 2008 08:37 PM |
| Debt Relief Tax Implications | JerryH | Debt Collection | 4 | Mar 26th, 2008 07:56 PM |
| joint property ownership | Unregistered | Other Real Estate Law Matters | 1 | Feb 7th, 2008 08:28 PM |
| Joint Ownership | LMHJSH | Other Real Estate Law Matters | 1 | Jul 20th, 2007 12:52 PM |
Our lawyers can help you avoid foreclosure to salvage your home,
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