We have a home in rural Nv, and have quit claimed it over to our Granddaughter, who is making the payments. We understand that we are still finacially responsible for this house, unless she should refinance. Shouldn't the payments come in her name, so she can claim taxes and insurance on the property?
Answer
If your grantee is the legal owner of the real property by a properly delivered and recorded deed, then there should be no issue over the tax treatment of mortgage debt and other possibly deductible items associated with ownership, regardless of the names stated on the bills. Your attorney and tax professional can explain further.
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