InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] taxes Posted by Bob on January 15, 2004 at 2:32 PM Dear Ward, I could really use some help. In 1998 I bought the home I am living in, in my fathers name because I could not qualify for the loan. It was my down payment and I have made all of the payments. Now I want to sell but because it is in my fathers name i am worried about his tax implictions.I have lived in the home since purchase. Will he be responsible for taxes on this home if i sell. He has not claimed the propery as a rental and has not claimed a deduction for the mortgage he has treated it as my property.I have also not claimed the mortgage interest. Can he just quit claim it too me or a corporation or trust and then sell it without tax liability. Any advice will be greatly appreciated. Bob Follow Ups: No problem, give escrow your tax I.D. Ward-CA- 7:51 AM, 01/16/04 (1) tax free option Bob 11:43 AM, 01/16/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Dear Ward, : I could really use some help. In 1998 I bought the home I am living in, in my fathers name because I could not qualify for the loan. It was my down payment and I have made all of the payments. Now I want to sell but because it is in my fathers name i am worried about his tax implictions.I have lived in the home since purchase. Will he be responsible for taxes on this home if i sell. He has not claimed the propery as a rental and has not claimed a deduction for the mortgage he has treated it as my property.I have also not claimed the mortgage interest. Can he just quit claim it too me or a corporation or trust and then sell it without tax liability. Any advice will be greatly appreciated. : Bob Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455