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

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sison Joined: 21 Nov 2007 Posts: 1 1.29 Dollars($)	Posted: Wed Nov 21, 2007 11:20 am    Post subject: My husband and I have divorced and he is signing the quitcla Like 0 Dislike 0 property to me. We were both on the original deed. Will I have to pay capital gains tax if I am already on the deed, and no money was exchanged in the property transfer?
jasonredding Joined: 21 Nov 2007 Posts: 30 Location: Orchard Park, New York 16.53 Dollars($)	Posted: Wed Nov 21, 2007 12:15 pm    Post subject: Like 0 Dislike 0 no you already own the property _________________ Jason Redding Senior Mortgage Specialist Nickel City Funding Orchard Park, New York 877-865-3232 Ext 212 www.ncityfunding.com
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Thu Nov 22, 2007 2:30 am    Post subject: Like 0 Dislike 0 Hi Sison, You need not to pay any capital gain tax here. Over here you are not selling any property. It will be applicable on selling a property with profit _________________ Procrastination is the enemy of your financial success
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Thu Nov 22, 2007 6:07 am    Post subject: Like 0 Dislike 0 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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