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Are There Tax Implications On A Quitclaim Deed?
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- Опубликовано: 18 авг 2024
- Have you heard of quitclaim deeds? Do you want to know if there are tax implications on a quitclaim deed? If you do, then just watch this video to learn what you need to do if you get one!
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Key Moments In This Episode:
00:00 Intro & Summary
01:03 Quitclaim Deeds
01:59 Implications
04:53 Example
07:25 GIS Maps
08:56 Don't Do These
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Ted is an American Original - teaching people just like you for over 30 years how to buy houses in good neighborhoods for 30% to 50% of their market value. He teaches how you can sell properties fast for thousands in profit, and how you can ‘rinse and repeat’ this process over and over again - just like his students have - and make your financial dreams a reality.
Ted Thomas is America´s Tax Lien Certificate and Tax Deeds Authority. As an international speaker, Ted has dedicated himself to finding and teaching the best, and safest, investment strategies. He teaches how to create wealth with minimum risk with easy-to-learn methods. Ted’s strategies developed over decades of successful real estate investing can help everyone. From regular hard-working families, to senior citizens, to young families and professionals.
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60 - Quitclaim Deed Tax Implications - SOLO
I love your video Mr.Ted! So clear and always clear my confusions ❤
I’m so glad I watched this! Now I understand what a quit claim deed really means and what to watch for, thank you 🙂
Glad it was helpful!
Thank you
Thank you! With this link, you can sign up for FREE to access information on all 50 states, along with a calendar highlighting upcoming auctions in your chosen state! tedthomas.com/freeytl/
You're an OG Ted!
Thank you! Keep watching for new videos each week. In the meantime, here is free mini-course for you...www.tedthomas.com/gifts
Im so glad im listen to ted.if mostly counties also give us a quit claim deed in tax deed we bought, could we also sell the same property using the Quit claim deed to the buyer?
Thank you for your question. Yes, If you bought it with a quitclaim deed you can sell it with a quitclaim deed, keep in mind If the buyer knows anything about real estate they shouldn’t buy the property without getting a clear title because somewhere along the line someone is going to say… wait a minute what am I buying? And without a clear title financing is not available and title companies won’t touch the property. - Ted Thomas
Thank u
No problem
I’m SO glad I ran across Ted and his coaches. Tax lien and tax deed investing is just the type of passive income opportunity I was looking for. I signed-up for his coaching yesterday and look forward to making my first deal! 🏠 💵 🚀
Hi Andre, Welcome to the team. Keep me posted, I'm excited to hear your results.
How’d it go?
Thank you for your content! Just got divorce papers ex wifes law attorney wants me to sign quit claim for payoff researching if this is non good
Good luck!
Why do quit claim deeds cause taxes to increase ??
Thanks for your question, I understand your question but I have not heard of that. - Ted Thomas
do you know where I can download a Florida quit claim form?
Through a Google search: www.lawdepot.com/contracts/quit-claim-deed-form/?loc=USFL&pid=googleppc-85565883337-535149115594_sl-ggkey_quitclaim&gclid=Cj0KCQjwu7OIBhCsARIsALxCUaNp3-xebD97zPkRkMDirMIzO3kxI5c93TzwAR0o28sYuPu_MUTcal4aAu2KEALw_wcB#.YQ1nEI5KiUk
I am removing a name from my property and after listening to your video I feel like a quick claim deed would hurt me because he me have received liens against the property for money owed. Would I be responsible for paying back those liens even though they’re in his name?
Thanks for your question. I am not an attorney, not a real estate broker, and I am not a financial advisor. Here is what I know and you can research it on your own. A quick claim simply means that you are giving up on anything you that you own. Now that is a layman’s description so you could ask an attorney the same question. It is okay to give up what you own and the other person has the responsibility. I am not giving you legal advice. - Ted Thomas
I’ve heard the term “quiet title”. What does that mean?
A quiet title action is when one party that is claiming ownership of the deed or title to a property challenges another party or other parties in court to determine who the rightful and legal owner of the property is. The goal is to quiet the claims that are in conflict on the property by eliminating any uncertainty in the title to give a clear title and a clear owner of the property. For more details on tax lien and tax deed investments, please check out my free gift to you tedthomas.com/gifts
How does the seller get paid by the buyer in a quit claim deed? and would the buyer ever give money to the bank instead of the seller? Thank you!
Hi Rhonda, A quick claim deed is what a seller uses to absolve themselves of any responsibility for loans or challenges with the property. So if you buy you are giving money to a seller and if they give you a quick claim deed you have no way to go back on the seller because they have quick claimed and absolved themselves of any responsibility.
County governments do this all the time because they are not known for excellent management or handling property sales and property difficulties correctly. Its one of the biggest risks of buying a property from the government, they always, to my knowledge, use some form of quick claim and absolved themselves from responsibility. Here is a free report to check out, tedthomas.com/freereport
@@Ted-Thomas Thank you Ted for this detailed answer, which was easy to understand....Kudos to you!!😀
So basically, flipping a quit claim deed is taking someone’s financial problems with the home and selling those problems to someone who specializes in sorting out the problems and restoring the property to good standing?! Am i understanding it correctly?!
Thanks for your question, let me explain a quit claim deed. When a property is purchased at a tax defaulted auction the county issues a quit claim deed and they are simply saying - the county is giving no guarantee to the condition of the property nor are they giving you any warrantee regarding the chain of title. - Ted Thomas
@@Ted-Thomas thank you