Legal Question in Real Estate Law in California
Adding name to new deed
We recently did a cash-out refinance on our house.
Since my son's current income did not qualify him as a
co-borrower, the new mortgage is in my name only.
Can his name be added to the new deed later? We are
making joint mortgage payments and in order for him to
make tax deductions for all house-related expenses,
his name must be on the deed, according to his
accountant. Is this correct?
1 Answer from Attorneys
Re: Adding name to new deed
Yes and no. His name must be on the deed according to IRS Code in order to deduct property taxes. If there is an agreement that he is a co-owner, especially if in writing (which you should have), he can take a deduction for interest that he actually pays, even if his name is not on the deed.
Puting his name back on the title is a simple matter. You just need to execute a new grant deed or quit claim deed from you to both of you in one of the forms of joint ownership.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
