Mortgage Forum
Transfer from a parent to save on tax return?
This is a topic titled Transfer from a parent to save on tax return? made in the Mortgage Talk section, belongs to our Mortgage Chat category; I make more money than my mother (I make $60k and she makes $20k) who is paying off a mortgage. If I do the Quit Claim Deed can I then ...
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| Members List | Search | Today's Posts | Mark Read |
September 11th, 2008, 06:57 PM
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| Senior Member Registered: Apr 2008
Posts: 1,497
|  Transfer from a parent to save on tax return? I make more money than my mother (I make $60k and she makes $20k) who is paying off a mortgage. If I do the Quit Claim Deed can I then deduct the interest and property taxes (~$8,000/yr) from my return? If I deduct the $8,000 I would get back $2,500. But if she deducts it she will only get back $1,000. We would save an additional $1,500. Is this possible to do? |
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