What are the tax implications of joint property ownership? This reader is on their mother’s home title and wants to know how their taxes will be affected. Q: When my mother purchased her home 10 years ago she put me on the title with her. I do not live in the home. She did this [...]
By Ilyce Glink| 2017-04-26T10:26:22-05:00 February 9th, 2013|
Do you have house deed problems? If you want to know more on how to prove property ownership, first talk to a real estate attorney. Q: I have a little bit of a unique situation here. We purchased a house in September 2011, in Minnesota. My fiancée’s great grandmother is the one who took out [...]
By Ilyce Glink| 2017-06-07T13:52:06-05:00 August 13th, 2009|
Quit claim deeds are a popular tool used by many, but in some cases a warranty deed is a better option. When a relative owns a home, should you quit claim that home to a child? Usually, you shouldn't use a quit claim deed to avoid estate planning issues. The better option is to work with an estate planner to determine whether you should keep the property, set up a trust or another mechanism to transfer property from a parent to a child. But usually it's not going to be a quit claim deed.