Real Estate Deeds Made Easy Since 1997
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS?
An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
Continue reading “Added to a Deed: What Are the Tax Consequences?”
Giver’s regret isn’t unusual. A desire to void the gift of a home after transferring the deed could happen for various reasons. Perhaps you recovered from a serious illness and could really use that home after all. Or maybe your tax expert told you that letting someone wait to inherit your home would be better for the beneficiary, or for you. Perhaps you just don’t like the way your recipient is behaving, and now feel you made a mistake by giving your home away to an irresponsible person.
And now you need answers. Can you take back the deed that you transferred?
Continue reading “I Deeded My Property to Someone Else. Can I Revoke My Gift?”
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively and quickly passes a property on. No wonder these forms mistakenly get called “quick claim” deeds.
Yet quitclaims are not a good pick for most property conveyances. Read on to learn more.
Continue reading “Using a Quitclaim Deed: What Are the Drawbacks?”