Don't forfeit home because of back taxes
If burden is too much, selling can rescue equity
By Ilyce Glink, Friday, October 3, 2008.Co-written by Samuel J. Tamkin
Inman News
Q: Several years ago my father deeded his home to me and two of my siblings. Our understanding was that he would pay the real estate taxes and the insurance premiums. The mortgage on the home has been paid off for some time, and my father still lives in the house.
We've just found out that my father has not been paying the taxes on the house, and back taxes are owed. Because the house is in our names, the tax office is coming after us. My siblings and I want out, and want to do a quitclaim deed back to our father.
My question is will this relieve us of the back-tax responsibility? Or will we still be responsible for the back taxes owed?
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