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Buying or Selling a Home/quit claim mistake
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Question
My ailing mother quit claimed a piece of commercial property to me and I find that created a bad tax
problem if I ever sell it and I can't use it as my principal residence. Can I void the recorded quit claim and solve this problem or quit claim it back to her?. She is still living but is not expect to last another month.
Yes, Jim, I have had this problem posed to me many times when people tried to skip going to a tax expert or tax attorney just to save a few dollars.
Now you have a REAL problem.
By quit-claiming the property back to her, what you'll be doing is giving her a very low tax base and when she passes on, you then inherit her low tax base. That's where you are right now!
I STRONGLY SUGGEST you go to a tax attorney or CPA tax expert and get this problem resolved.
I do wih you well, Jim.
Dick Dennis dixiedee13@aol.com
www.OldProblemSolver.com
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
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- Hans Weber, Licensed Broker Associate
- Sue Bernstein
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- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
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- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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