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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No problem, give escrow your tax I.D. Posted by Ward-CA- on January 16, 2004 at 7:51 AM In Reply to: 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 ========== Bob, All you have to do is give escrow your social security number when you sell the house. If escrow inquires about it tell them the truth and they will oblige you. It's not their job to decide who pays the tax on the gain involved as long as it's reported. I would see a good tax advisor so you could file an amended return to get the past mortgage interest credit you're entitled to. Follow Ups: 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 : ========== : Bob, : All you have to do is give escrow your social security number when you sell the house. If escrow inquires about it tell them the truth and they will oblige you. It's not their job to decide who pays the tax on the gain involved as long as it's reported. : I would see a good tax advisor so you could file an amended return to get the past mortgage interest credit you're entitled to. 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

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