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sefields · Joined: 09 Apr 2010 Posts: 1 1.33 Dollars($)

Joshua...
My ex-spouse and I were co-owners of a home in Calif. until I recently quitclaim-deeded my half of the property to her. She now wants to reverse the process. If she quitclaim deeds my original 50% back to me, does it effectively cancel out the original donor gift tax impact against the $1M lifetime exclusion, or is it viewed as two separate gifting processes, thus impacting both of us in terms of the $1M exclusion?

Thanks, Steve

jameshogg · Posted: Fri Apr 09, 2010 8:33 pm Post subject:

Hi sefields,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/quitclaim/reversedeed-exspouse.html#159652

Take a look at it. Hope it helps you.

Thanks

jheard · Posted: Sun Apr 11, 2010 2:20 am Post subject:

You cannot reverse a real property transfer. It can be voided in certain circumstances (minority, incompetence), but you have stated no facts for this.

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Can a Quitclaim Deed be reversed if originating parties are in agreement to do so?

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