My husband and I have divorced and he is signing the quitcla

sison · Joined: 21 Nov 2007 Posts: 1 1.29 Dollars($)

property to me. We were both on the original deed. Will I have to pay capital gains tax if I am already on the deed, and no money was exchanged in the property transfer?

jasonredding · Posted: Wed Nov 21, 2007 12:15 pm Post subject:

no you already own the property

adonis · Posted: Thu Nov 22, 2007 2:30 am Post subject:

Hi Sison,

You need not to pay any capital gain tax here. Over here you are not selling any property. It will be applicable on selling a property with profit

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Sison,

I completely agree with the above posters. You do not have to pay a capital gains tax if you are not selling the property.

You will owe capital gains tax if you sell your property at a higher price than your cost basis.

You will get further information on capital gains here at http://www.mortgagefit.com/know-how/capitalgainstax.html
Have a look at it.

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