joint tenants
Taxes Owed On Home Sold For $10?
An heir sold her half of inherited property to her sister for $10 using a quit claim deed and wonders if she owes taxes on the sale. The taxes owed, if any, will be small because of the low sales price.
Back Taxes Overpaid From Incorrect Assessment
The county assessor’s office incorrectly classified a single-family home as a three-family building. With the mistake corrected, the homeowner wants to know if she can receive a refund for the overpayment of back taxes.
Hire Attorney, Don’t Sign Quit Claim Deed
When you buy property with a friend and later decide to part ways it’s important to make sure each of you get a fair share of what you put into the property. If you sign a quit claim deed you give up all your ownership rights to the property. Be careful when signing a quit claim deed — it does not relieve you of any financial responsibility for the property you bought with your friend.
Second Marriage Financial Issues Include House Deed
A woman is in a second marriage but does not have her name on the deed of the house she shares with her husband. The woman would not be protected if her husband dies, especially if she’s not been included in estate planning. A good solution would be to use a quit claim deed to change the home ownership to joint tenancy with rights of survivorship or tenants by the entirety.
Tenancy By The Entirety Protects Property
A home owner wants to protect the title to his home, because his wife works in medicine, and could be sued. Tenancy by the entirety could be the best option. Tenancy by the entirety means both of them would own all of the home and would have to agree with most choices having to do with the ownership and sale of the home.
Medicaid Lookback Period Could Reverse Home Transfer
A daughter asks about her father’s eligibility for Medicaid after he transfers his home to her. Will his eligibility for Medicaid be affected by the transfer of his real estate wealth? Find out about eligibility for Medicaid and the Medicaid lookback period.
Quit Claim Deed Means Giving Up Ownership Rights
When you sign a quit claim deed you’re giving up your ownership rights to that property. If the person who has the remaining ownership rights dies, his or her heirs will inherit the property. Former spouses who sign quit claim deeds give up all rights to those properties. Learn about some possible inheritance scenarios after quit claim deed has been signed.
Dividing Divorce Assets Could Affect Credit
When you get divorced, the person whose name is on the mortgage loan is responsible for that debt, even if both people’s names appear on the title to the home. To change the names on a mortgage loan, the loan must be refinanced. Depending on how this asset, the home, is divided between the two spouses during a divorce, it could affect their credit histories and credit scores.
Getting Out Of Joint-Ownership Home
An unmarried couple buys a home in joint ownership but never cohabitates. The woman pays off the home and the joint owner wants to be paid. What are her rights under joint ownership?
No Way To Split Tax Liability On Jointly Inherited Home
A wife asks about the taxes owed on a home under joint ownership. Her husband has joint ownership with his sister. The joint ownership details will determine tax liability.
