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In California, is a Quit Claim better of an InterSpousal Tra

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Icon Mini Profile plarson





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Post Posted: Wed Sep 26, 2007 9:28 am    Post subject: In California, is a Quit Claim better of an InterSpousal Tra
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My husband and I own two pieces of property together. We want to both sign off of one so we each have one as our sole and separate property. Is it better to file an InterSpousal Transfer? Are there capital gains, tax ramifications or is it considered a gift if we use this form as opposed to a Quit Claim? What is the difference between the two as far as living in California?
Icon Mini Profile evolovik26
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Post Posted: Wed Sep 26, 2007 10:04 am    Post subject:
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Talk to a real estate attorney on this one
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Icon Mini Profile larry





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Post Posted: Thu Sep 27, 2007 12:06 am    Post subject:
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Hi Plarson,

To sign off both of your names from one of the property, you can either use a quitclaim deed or an interspousal deed. Both of the deeds serve more or less the same purpose except for few differences. They are mentioned as follows:

1) Interspousal deed is meant for property transaction among spouses only whereas quitclaim deed is not limited to the use of spouses. It can be used by any person.

2) Interspousal deed is used to convert a community property into a separate property. But a quitclaim deed does not have such provision.

3) In case of quitclaim deed, the heirs of the grantor cannot claim his share of the property after his death, while this situation can be prevented through an interspousal deed.

And as far as the tax is concerned, even if you do a quitclaim or an interspousal transfer of property, you will have to pay a certain amount of gift tax provided you do not qualify for the lifetime gift tax exemption limit.
Icon Mini Profile sara
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Post Posted: Thu Sep 27, 2007 11:26 am    Post subject: RE: interspousal deed is the best
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Hi Plarson,

Depending upon the state where you are in, it can be either interspousal or quitclaim deed. To know more on this, refer to a previous discussion on Which is better - Interspousal or Quitclaim.

Take care and feel free to ask further

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