Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

If I transfer a house that I have the mortgage on but the other

party is on the deed...
If I transfer a house that I have the mortgage on but the other party is on the deed and I get no profit from the house do Ihave a tax issue?
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
10/31/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,272
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Lane :

Hi,

Lane :

... not completely sure I understand... If the other person is on the deed then they already own that house

Customer:

That is correct we are both on the deed but the mortgage is in my name. He is refinancing the house to buy the house from me for the remaining balance of the mortgage.

Lane :

OK, then no, you are simply gifting him your ownership in the home

Customer:

Do I need to have a document that he signs that states that for tax purposes?

Customer:

Thank you

Lane :

You'll have to retitle, convey the property somehow, such as through a quit-claim deed ... that will be documentaion enough

Customer:

Thank you.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,272
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,272
13,272 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Another question for you dealing with State tax refunds...
Jim,Another question for you dealing with State tax refunds...Let us say I get refunds for 2015 ($x), 2014 ($y), and 2013 ($z) in 2016, on 3 separate 1099-G forms.x, y and z were itemized and deducted… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
84 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,272 satisfied customers
What are the tax implications of me quit claiming a property
What are the tax implications of me quit claiming a property to my father who is not a citizen … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,272 satisfied customers
I am in state of TX. I pay property taxes of around 15000$.
I am in state of TX. I pay property taxes of around 15000$. I file taxes with married-jointly status. Is there any advantage if I pay taxes now before Dec31st due to changing tax laws?… read more
abci168
abci168
Principal
27 satisfied customers
New tax rules Taxpayer owns several rental properties. Does
New tax rulesTaxpayer owns several rental properties. Does the $10K tax limit apply to the real estate property tax associated with each rental property? Or is it just for schedule A state and local t… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,272 satisfied customers
Is there a limit to the amount of property taxes I can claim
Is there a limit to the amount of property taxes I can claim for 2017 for my primary residence as a deduction for 2017.… read more
abci168
abci168
Principal
27 satisfied customers
Can a parent with state, local & property taxes in excess of
Can a parent with state, local & property taxes in excess of 20k transfer his primary residence to his son for 1.00 in 2018 so the son can then itemize & benefit from the 8,600 of annual property taxe… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
What is the benefit of paying property taxes due in 2018 in
What is the benefit of paying property taxes due in 2018 in advance before the end of the year 2017, if the property owned is a rental real estate and the income passes through to the individual owner… read more
Carter McBride
Carter McBride
LLM
262 satisfied customers
In CT they have a tax on personal property in addition to
In CT they have a tax on personal property in addition to real estate property tax. What is the personal property tax on boats? is it the same percentage as a car? also do they tax all personal proper… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I have a question on "State Tax Registration Number": In
I have a question on "State Tax Registration Number": In September this year, I have just filed for a business type of LLC (Limited Liability Corporation) in California, and it is now set up. I know I… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm in the state of Florida and required to sales tax on
I'm in the state of Florida and required to sales tax on Fabrication - how do I determine what percentage of a manager's salary is considered taxable under the fabrication rule … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mom is deceased and her property taxes are deliquent, tax
My mom is deceased and her property taxes are deliquent, tax lien papers are coming in mail. Who do I need to talk to about this … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
Who pays the property taxes on a life estate? California.
Not yet I am a real estate broker. Its on a farm the seller will retain a Life Estate on the home and shops but not the farmland. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
What States no not tax military checks, What states no not
What States no not tax military checks JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: What states no not tax military retirement checks JA: Is there … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am retired and own property in 2 states. Is it legal for
I am retired and own property in 2 states. Is it legal for me to live in Indiana for 8 months a year without having to pay Indiana's state income tax while I live in Florida for 4 months a year. I cur… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,272 satisfied customers
I am selling a piece of real property and our state requires
I am selling a piece of real property and our state requires us to pay state income tax withhold as part of the transaction which reduces our cash proceeds at the point of sale. Does the payment of th… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Why do some states make you pay separate property taxes
Why do some states make you pay separate property taxes (water, school etc) and some states just have one entity to collect all property tax ?… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x