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Assumption by Co-borrower

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Meeshell Guest	Posted: Wed May 04, 2011 1:46 pm    Post subject: Assumption by Co-borrower Like 0 Dislike 0 My significant other and I purchased a home together a few yrs ago. We are no longer together but still living in the home. We have requested an assumption application from our mortgage company to determine if he can qualify to assume the mortgage. I will also remove my name from the deed. If I transfer the property to him without any exchange of money is that considered a gift and will I be subject to gift tax for tax purposes?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed May 04, 2011 1:52 pm    Post subject: Like 0 Dislike 0 I would consult a tax professional. Real estate agents and the like should not provide any tax consequence information. If you have an assumption clause in your note, then you may be allowed to have loan assumed, if lender accepts. Person must be able to qualify for the payments. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed May 04, 2011 9:52 pm    Post subject: Like 0 Dislike 0 Hi Meeshell! Welcome to forums! As far as I know, you will be liable for taxes. But as Chris has suggested, you should contact a tax professional in this regard and take his opinion. Feel free to ask if you've further queries. Sussane

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