Can I execute a "Quit Claim Deed" to transfer my rental to pass on my tax liability?
December 16, 2002
Date: Wed, 6 Nov 2002
Your web site and summary email is informative. I have a question. Can I execute a simple "Quit Claim Deed" to transfer my rental to another individual for passing on my tax liability/credit for 2002?
Best Regards, Ron
Date: 02 Dec 2002
Transferring the property will only be effective for transferring income earned and deductions incurred after the date of the transfer. There are other potential income and gift tax issues relating to making a transfer like this. I recommend that you invest in consulting a tax advisor before going ahead.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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