Tax Ramifications for Quit Claim Deed- Please advise by 04/11/09? - pennsylvania quit claim deed
Unlike other issues of waiver here, I do not know. I left my partner to claim his half of the investment property for me. We bought the house for $ 115,000 in 2004 and has lost its value and is now worth $ 90,000. He hopes to deduct the loss on the sale this year. How should I quit claim ownership of it for me, so I do not pay taxes or obtain additional copies of my loss? I owe $ 89,900 at home and in Pennsylvania.
Thanks in advance!
Pennsylvania Quit Claim Deed Tax Ramifications For Quit Claim Deed- Please Advise By 04/11/09?
1 comments:
You will receive no tax deduction on the discharge action. He has not even a tax deduction when you sell capital. This is the game he took when he purchased it. The government has imposed a profit, but does not compensate for a loss ..
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