Quit Claim Deeds and Income Taxes
January 30, 2006 8:38 AM Subscribe
Taxfilter: This year I used a simple quit claim deed to share ownership of my home with my SO. Now that I'm filling our our income tax returns, I need to know if this impacts either reutrn. [ for reference, I'm in Florida ]
This year I split shared ownership of my home with my SO. I used a simple quit claim deed that gives us joint ownership of the home with rights of survivorship.
I'm pulling together our taxes for 2005 (individually, of course, but I prepare them for both of us) and I need to know if this transfer of equity in our home impacts either personal income tax return (since I "gifted" $xxxK and he received $xxxK in home equity this past year).
We live in Florida, if that helps... thanks!!!
This year I split shared ownership of my home with my SO. I used a simple quit claim deed that gives us joint ownership of the home with rights of survivorship.
I'm pulling together our taxes for 2005 (individually, of course, but I prepare them for both of us) and I need to know if this transfer of equity in our home impacts either personal income tax return (since I "gifted" $xxxK and he received $xxxK in home equity this past year).
We live in Florida, if that helps... thanks!!!
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posted by probablysteve at 9:40 AM on January 30, 2006