Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

I want to do a quit claim deed to take my name off a propety

Author Message
Icon Mini Profile vincent_x0x0x0





Joined: 20 Jan 2009

Posts: 1

1.38 Dollars($)
Post Posted: Tue Jan 20, 2009 11:41 pm    Post subject: I want to do a quit claim deed to take my name off a propety
Like 0
Dislike 0

I want to do a quit claim deed to take my name off a propety. Will I be liable taxes?...My brother in law, my sister and I own a property in Sacramento. I want to prepare a quit claim deed to take my name off the property. Will I be liable for any taxes?
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4833
Location: New Jersey
508.71 Dollars($)
Post Posted: Wed Jan 21, 2009 2:50 am    Post subject:
Like 0
Dislike 0

Hi vincent

Once you file a quitclaim deed and get it notarized and recorded, you will not be liable for the property taxes. However, there are certain transfer fees and doc stamp fees which you will have to pay when you record the deed.

Thanks.

_________________
Good is the Enemy of Great.
Guest









Post Posted: Wed Jan 21, 2009 10:23 am    Post subject: Thanks for the reply niicss
Like 0
Dislike 0

I am not concern about the property taxes. I am concern about gift taxes. Will I be liable for any federal or state taxes?
Guest









Post Posted: Thu Jan 22, 2009 12:14 am    Post subject:
Like 0
Dislike 0

Yes, you will be liable for the transfer taxes but I don't think you will have to pay gift taxes as you are transferring the property.
donnaj

Guest







Post Posted: Wed Oct 20, 2010 1:15 pm    Post subject: quitclaim
Like 0
Dislike 0

where do i get one and where do i file it
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post Posted: Wed Oct 20, 2010 10:01 pm    Post subject:
Like 0
Dislike 0

Hi donnaj!

Welcome to forums!

You'll have to contact a real estate attorney in order to get the deed drafted. You will have to record the deed at the county recorder's office.

Feel free to ask if you've further queries.

Sussane
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool







We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.117 seconds.