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soya · Joined: 17 Mar 2009 Posts: 1 1.25 Dollars($)

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about quick claim deed

How to avoid taxation after a short sales

sara · Posted: Wed Mar 18, 2009 2:31 am Post subject:

Hi soya,

Short sale and quitclaim deed are totally different things.

A quitclaim deed is used to transfer the property from one person to another. When a person files a quitclaim deed, he/she needs to pay a transfer tax. As far as I know, the tax rate for documents that transfer an interest in property is $.70 per $100 of the total consideration paid or to be paid for the transfer of the property.

You have also mentioned about short sale. Short sale is a way to get rid of the property when you are unable to pay the mortgage debts. In short sale, the deficient amount resulting from the sale of property is required to be paid to the lender. Thus, as far as I know, you will not have to pay taxes on the deficient amount.

Take Care.

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quick claim deed taxation