| Author |
Message |
Loren
Guest
0.10 Dollars($)
|
 Posted: Thu Jul 20, 2006 4:31 pm Post subject: Taxes |
|
|
My wife and I have divorced, she is giving me the house we bought together. Will I owe any taxes when we transfer ownership with a quit claim deed?
Thanks. |
|
 |
J.Neil
Guest
0.10 Dollars($)
|
| Posted: Thu Jul 20, 2006 5:03 pm Post subject: |
|
|
| In most states transfer of title is not taxable as you will not be paying her any money. |
|
|
sara
Joined: 05 Jul 2006
Posts: 958
Location: New Brunswick, New Jersey
183.52 Dollars($)
|
| Posted: Thu Jul 20, 2006 8:22 pm Post subject: RE: Ownership taxes |
|
|
Hi Neil,
We have already had a discussion on this topic. Kindly check in here.
Do get back to us in case of further queries.
Thanks,
Sara. |
|
|
Leo
Guest
0.10 Dollars($)
|
| Posted: Wed Jul 26, 2006 4:48 pm Post subject: Mortgage satisfaction and transfer of house |
|
|
My mother is the mortgagee for my new wife's house. My wife bought the house in her own name for my mother with the intention of giving or selling it to my mother within a few months, as the house could not be in my mothers name until now. What is the best way to transfer the ownership of the house to my mother?
We have been creating a paper trail with loan payments each month.
If we do a quit claim deed, will my mother have to pay excise tax or capital gains? |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1459
Location: MASSACHUSETTS
122.47 Dollars($)
|
| Posted: Wed Jul 26, 2006 5:18 pm Post subject: |
|
|
Hi Leo,
Welcome to MortgageFit Fourms.
The house can be transferred to your mother through a quit claim deed. There are some states that may charge certain fees for the transfer which may include recording charges and in some other cases their may be other fees for the transfer of title.
From the federal income tax perspective, if it can be shown as a gift and done without any exchange of money, your mother probably won't have any federal tax consequences provided the equity in the home is less than $11,000.
Capital gains tax needs to be paid by your mother if she sells the property afterwards. Consult a real estate attorney for the transfer purpose and he will guide you properly regarding the quit claim deed and the tax implications.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1349
Location: florida
224.70 Dollars($)
|
| Posted: Wed Jul 26, 2006 8:32 pm Post subject: RE: Best way to transfer ownership |
|
|
Hi Leo,
I think the best way to transfer ownership is to carry out a title deed as the quit claim does not guarantee the transfer of property rights.
Thanks,
Caron. |
|
|
anonymous1
Guest
0.10 Dollars($)
|
| Posted: Wed Aug 02, 2006 8:04 pm Post subject: mortgage responsibility |
|
|
| my husband and I are divorcing and he's keeping the house. He wants me to sign a quitclaim deed, which I am willing to do. However, my question is this: will signing a quitclaim deed absolve me of the mortgage responsibility should he default? |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1349
Location: florida
224.70 Dollars($)
|
|
|
gail
Guest
0.10 Dollars($)
|
| Posted: Fri Aug 04, 2006 8:31 pm Post subject: quit claim deed |
|
|
| I,ve been divorced for seven years. we both still have our names on the existing mortgage. I have lived in the home and assumed all payments, taxes and insurances. I did not have any credit in my name to refinance when we divorced. i was currently in the process of getting it in my name alone. He has just filed bancruptcy chapter 7. Now my house is messed up in it. The divorced decree states the home is to belong to me. I did recently do a quit claim deed, all signed but not recorded. approx. signed two months ago. The mortgage co. did say they would release his name off the loan. Is my quit claim deed still good, can it save my house? The trustee said I have the option of re-purchasing it at their sent amount, possibly the tax value. I have paid in to it nearly 50.000 and owe 36,000. Otherwise it will be auctioned. Does it matter if the original land deed was only in his name, we were married twelve years.? |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 541
Location: MICHIGAN
50.10 Dollars($)
|
| Posted: Fri Aug 04, 2006 8:58 pm Post subject: RE: Quit claim deed |
|
|
Hi,
Welcome to the forums.
A quit claim deed does not guarantee transfer of ownership; rather it guarantees that you have a share of interest in the property. I guess it would have been better if you could have signed a title deed, as it guarantees the transfer of ownership rights.
It is always better to record a deed. Keeping the deed in public records helps you to get through future problems with the title.
Thanks |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1349
Location: florida
224.70 Dollars($)
|
| Posted: Fri Aug 04, 2006 9:07 pm Post subject: RE: Quit claim deed to save home |
|
|
Hi Gail,
If the divorce decree states that the house should belong to you, then I don't think your husband could list your home as an asset while filing bankruptcy.
| Quote: | | Is my quit claim deed still good, can it save my house? The trustee said I have the option of re-purchasing it at their sent amount, possibly the tax value. |
You have mentioned that the trustee has asked you to re-purchase the house to save it from bankruptcy. I doubt whether this is favorable for you. It's better if you can consult an attorney for further advice.
Thanks,
Caron. |
|
|
sorry we signed
Guest
0.10 Dollars($)
|
| Posted: Mon Aug 14, 2006 9:01 pm Post subject: quik claim |
|
|
| My husband's father is deceased. He finaced a loan fo r his sister. The sister asked my husband to sign a quik claim to allow her to pay the taxes and he did. She did not mention that the state of georgia was paying her $500,000 for the land. The estate had to go to probate and we did not know anything about the proceedings. Are we entitled to any of this money since all of this was done fraudulent. |
|
|
Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 639
Location: OHIO
107.48 Dollars($)
|
| Posted: Mon Aug 14, 2006 9:56 pm Post subject: RE: |
|
|
Hi Guest,
Welcome to out forums.
I do feel that you and your husband should contact an attorney and take his advice as all that has happened to you is indeed fraudulent.
I don't think that you are entitled to get the money. But you can at least take some legal action against the sister. I hope you have the copy of the quit claim deed with you. It may help you in legal procedures.
Regards,
Jessica.
_________________
Home buying made simple with Community booklet |
|
|
anonymous2
Guest
0.10 Dollars($)
|
| Posted: Sun Aug 20, 2006 6:42 am Post subject: quit claim deed |
|
|
| Aging parents own home outright. Son and daughter want to either add their names to deed or transfer deed to them from parents to avoid any eventual probate problems. Which is best course of action. Is it true that there is a new law requiring 5 year waiting period before this type of a transfer would become effective. |
|
|
mac_7
Guest
0.10 Dollars($)
|
| Posted: Sun Aug 20, 2006 7:39 am Post subject: RE |
|
|
| Quit Claim deed is the easiest option for this. |
|
|
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Next 
