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We want to get a SHORT TERM RENTAL LICENSE for our rental…

Customer Question
We want to get...

We want to get a SHORT TERM RENTAL LICENSE for our rental house next door (which presently has a regular rental license). Our son and his family live in the home. We were told we the only way we could do it is to add him to our deed (and the best way is to do a quit claim deed). That way, it would be his primary residence and we could get the short term rental license. I am happy to do that because we totally trust our son but I was wondering if there are any tax situations that may occur that I should consider before doing it.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

I prepared the quit claim deed and thought I should check with someone before filing it. I have also prepared the short term rental license paperwork.

Lawyer's Assistant: Where is the house located?

Boulder, Co

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
3/16/2018
Real Estate Lawyer: Infolawyer, Lawyer replied 3 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 62,173
Experience: Experienced lawyer
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Hello and welcome. I am working on your answer and will be right back!

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Real Estate Lawyer: Infolawyer, Lawyer replied 3 months ago

adding him to the deed is reasonable, and i do not see a negative tax impact therefrom.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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