Sorry, no results matched your search for “Quick question. My mother purchased property in Illinois appx. 10 years. She has since retired and moved out of state. I have been paying the mortgage on the property for the last 5 years. Can she quick deed the property to me so that I may claim it on my taxes. I am not currently in a position to purchase the property from her. ”
If your mother holds title to real estate, she can quit claim, (not quick claom) the property to you. However, keep in mind there may be tax consequences and if there is a mortgage on the property that will not relieve your mother from her mortgage liability and may in fact escalate the payments. Additionally, a quick claim deed may transfer title but it transfers title subject to any liabilities or liens on the property. You should speak in person to a real estate attorney before acting further.
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I agree with the previous answer and you will need to make sure the transfer does not trigger a due on sale clause in the mortgage and get the tax paid for the transfer.
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Have your mother check the mortgage papers signed. Many times a transfer to you such as you pose triggers the loan to be called in full by the lender.
If you settle the issues of a prior mortgage or assuming that there is none, she can execute a quit claim deed to gift you a portion of the house and you can then start deducting the payments on the real estate taxes. However, consult with a tax professional regarding the deductability if it is not your primary residence or if its a rental unit then against the income paid to you.
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