![]() That doesn’t mean that the title to the property is clear. The quitclaim means they’re disclaiming any responsibility. A quitclaim deed is a legal instrument, used to transfer the interest in real property from one person or entity to another entity. ![]() ![]() Issuing a quitclaim deed does not require an attorney. Using a Quitclaim Deed for Property Transfer Let me give you the steps to make sure that you avoid having problems. I’ve taught thousands of people how to do this and seen quite a few problems. I’m not an attorney or a CPA, I’m just an investor who learned how to do this over 30 years of experience. In a nutshell, quitclaim deed tax implications come from the gains or losses associated with the property transfer rather than the quitclaim deed itself, which was just the instrument used to transfer the property. If you have a loss, you probably should claim it on your taxes. If you make a profit, that means you have to pay taxes. Let’s talk about quitclaim deed tax implications. You have now just bought a big pot full of problems that will probably have to be cleared with a quiet title. When they do that, they have disclaimed any responsibility for the title report, any mortgages or any liens. Many counties will issue a tax deed to you with a quitclaim deed. Let’s talk about the repercussions of a quitclaim deed including quitclaim deed tax implications.Ī quitclaim deed is a disclaimer that means whoever is handing that quitclaim deed to you is disclaiming all responsibilities. So, they’re going to try to cover all their assets simply by saying they’re going to give a quitclaim deed. When properties have problems, very few people know how to clear the problem. That means the property has some problems. Tax deeds come from properties that are in default because the owner didn’t pay property taxes. There’s a ton of money to be made, but there are certain steps that you’re going to have to follow. ![]() I’ve been involved in teaching tax liens and tax deeds for over 25 years, and I’ve been investing for over 30 years. Retaining a Real Estate Attorney for a Quitclaim Deed.Using a Quitclaim Deed for Property Transfer.The Tax Implications of a Quitclaim Deed. ![]()
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