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Quit claim deed and taxes for same-sex couple

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sue423 Guest	Posted: Mon Jul 25, 2011 9:36 am    Post subject: Quit claim deed and taxes for same-sex couple Like 0 Dislike 0 I am hoping someone can help me. I am in a same-sex marriage and am filing for divorce. We are both on the mortgage and deed to the house. However, because the marraige isn't recognized by the IRS is it true that if I sign a quitclaim and deed the house to my spouse I will have to pay taxes? If yes, is there any way for me to calculate this cost? Also - is it plausible to remove myself only from the mortgage? and note in settlement that I will not take any proceeds from the sale of the house. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jul 25, 2011 9:56 am    Post subject: Like 0 Dislike 0 Honestly, Sue, your best bet on the tax question is to go straight to the IRS for clarification. If you know a LGBT tax advisor, or a tax specialist who is cognizant of the difficulties you could encounter in a same-sex marriage when you own real estate, then that's another good source of information (obviously). They're out there, so search a bit. The plausibility of removing oneself from a mortgage is nil. The only way in which you become un-obligated is if your soon-to-be-ex is able to find a lender with whome to refinance the existing mortgage. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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