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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11987
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If I transfer a house that I have the mortgage on but the other

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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?

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 and 3 other Tax Specialists are ready to help you