Comments on: If my brother Quit Claims a home in his name only over to me will he then have a tax responsibility? http://taxlieninvestingnews.com/questions-and-answers/if-my-brother-quit-claims-a-home-in-his-name-only-over-to-me-will-he-then-have-a-tax-responsibility/ Current news on Tax Lien Investing Sun, 20 May 2012 16:04:23 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Stacy's Mom http://taxlieninvestingnews.com/questions-and-answers/if-my-brother-quit-claims-a-home-in-his-name-only-over-to-me-will-he-then-have-a-tax-responsibility/comment-page-1/#comment-92 Stacy's Mom Sun, 31 May 2009 23:40:59 +0000 http://taxlieninvestingnews.com/questions-and-answers/if-my-brother-quit-claims-a-home-in-his-name-only-over-to-me-will-he-then-have-a-tax-responsibility/#comment-92 You should ask a tax attorney to confirm this. In a normal sales situation, a person is responsible for taxes until the day they no longer own a home. I would assume this is the same. For example: Your brother signs the house over to you on 6/01/08 You sell the house on 9/15/08 Your brother owes property taxes from 1/01/08 to 6/01/08 You owe taxes from 6/02/08 to 9/15/08 New owner owes taxes from 9/16/08 to 12/31/08 . As for capital gains issues, you need a CPA or tax attorney to advise you. Don’t make big financial decisions based on message board responses. You should ask a tax attorney to confirm this. In a normal sales situation, a person is responsible for taxes until the day they no longer own a home. I would assume this is the same.

For example:
Your brother signs the house over to you on 6/01/08
You sell the house on 9/15/08

Your brother owes property taxes from 1/01/08 to 6/01/08
You owe taxes from 6/02/08 to 9/15/08
New owner owes taxes from 9/16/08 to 12/31/08 .

As for capital gains issues, you need a CPA or tax attorney to advise you. Don’t make big financial decisions based on message board responses.

]]>