Tax implication of Quit Claim Deed

Guest

Our property was foreclosed on and we have a year to sell or refinance. The mortgage company quick claimed it so now they are listed as the owners and the property tax Id number has been changed.

Can we sell now that they are listed as the owner

demoac · Posted: Thu Aug 17, 2006 7:19 am Post subject: RE

I think no as now the mortgage company is the owner

Guest

Hi,

Now as the mortgage company is also part owners of the property, for selling the property you will need their consent also.

Guest

My friend owns a home which we share together. She is wanting to do a quit claim to me. (my name isn't on anything title or mortgage). She may have some IRS issue coming down the pike in a few years. Would deeding her interest in the home to me keep the IRS from taking it from me? Also, what sort of tax implications would this have on me? Would I be required to pay some sort of gift tax or something? She has owned the home about 1 year.

blue · Posted: Fri Aug 18, 2006 5:06 pm Post subject:

Hi McWill,

On this page you will get reference to tax implications of quit claim deed.

It will help you understand whether with the transfer of the property you would be liable to pay any taxes or not.

Thanks

Caron · Posted: Fri Aug 18, 2006 8:57 pm Post subject: RE: Gift tax after quit caim

Hi,

jerry · Posted: Fri Aug 18, 2006 9:11 pm Post subject: RE: IRS issue on home

Hi Mcwill,

You have mentioned about some IRS issue. Can you be more specific on this issue? Then perhaps I can give you some info on that.

Thanks,

Jerry.

Guest

MY MOTHER-IN-LAW WANTS TO QUICK CLAIM MY HUSBAND AND I ONTO HER HOUSE, WHICH IS PAID FOR, AND THEN WE WERE GOING TO RE-FINANCE THE PROPERTY IN MINE AND MY HUSBANDS NAME TO PAY HER OFF. IS THIS POSSIBLE? WILL WE BE ABLE TO KEEP THE SAME TAXES?

Guest

Hi,

Your mother-in-law can quit claim to include you and your husband in the property.

blue · Posted: Mon Aug 21, 2006 4:40 pm Post subject:

Hi Stacy,

You can have a look at this page for the tax implication of refinancing.

Thanks

colin · Posted: Mon Aug 21, 2006 4:52 pm Post subject:

Hi,

Instead of quit claim you may opt for a warranty deed as it will formally transfer the title of the property from your mother-in-law to you and your husbands name.

Colin

Guest

Our older mobile home is financed in my mothers name only. She has since filed a quit claim listing her and my husband as owners. My mother is older and we would now like to refinance the house in my husbands name only how do we go about this?

Guest

Hi,

If you just want to transfer the loan obligation in your husband's name only without changing the terms of the loan then you can choose a method known as novation.

In novation the previous borrower is replaced by a new one but the obligations of the loan remain the same.

Guest

Hi,

If you are looking to refinance to get better rates then it is ok, it will help to change the liability to your husband's name, but if you are not doing the refinance to gain from any new lower rates then from my view point novation should be the option to opt for.

I hope my suggestion helps.

Thanks

blue · Posted: Thu Aug 31, 2006 3:25 pm Post subject:

Hi,

If the purpose of refinance is to remove your mother from the loan, then I think novation can be a better option instead of refinance.

Have a look at the details given on this page about novation which actually would serve your purpose quite nicely.

Thanks
Blue

All times are GMT - 7 Hours
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Page 13 of 23