What is the name of your state (only U.S. law)? california
My partner owns the property we live in and has been unemployed for the last 2 years. For the last 2 years I have paid the mortgage solely; our cpa suggested that we prepare a quit claim with joint tenancy so that I could take advantage of the tax benefits, but not record the quit claim, only notarize it and keep it in our files in case any questions come up; are there any risk, will we be automatically reassesed for property value( there is about 30k in equity) and will i have to pay gift tax. This is just for tax reasons, I do not want the property, i just want to claim the beneifts since I have paid the mortgage for the last 2 years.
Thank you,
Robear
My partner owns the property we live in and has been unemployed for the last 2 years. For the last 2 years I have paid the mortgage solely; our cpa suggested that we prepare a quit claim with joint tenancy so that I could take advantage of the tax benefits, but not record the quit claim, only notarize it and keep it in our files in case any questions come up; are there any risk, will we be automatically reassesed for property value( there is about 30k in equity) and will i have to pay gift tax. This is just for tax reasons, I do not want the property, i just want to claim the beneifts since I have paid the mortgage for the last 2 years.
Thank you,
Robear