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Tax with Quit claim?

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Michael2000 Guest	Posted: Thu Jul 01, 2010 2:28 am    Post subject: Tax with Quit claim? Like 0 Dislike 0 Hello, My ex and I divorced and since we live in California, our house is considered community property. I pay the mortgage (only my name on mortgage) and property taxes already. Will I incure a gift tax or any other tax once she signs the quit claim deed? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Jul 02, 2010 12:40 am    Post subject: Like 0 Dislike 0 Hi Michael! Welcome to forums! If your ex transfers the property to you, then you won't be liable for the gift taxes. Rather, your ex may be liable for the paying the gift taxes if she transfers the property to you. Feel free to ask if you've further queries. Sussane

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