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Can I execute a "Quit Claim Deed" to transfer my rental to pass on my tax liability?

December 16, 2002


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

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.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Can I execute a Quit Claim Deed to transfer my rental to pass on my tax liability?

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