From:  Ron
Date:  Wed, 6 Nov 2002

Hello Michael,

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

Answer

Date:  02 Dec 2002

Hello Ron,

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.

Good luck!
Mike Gray

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