Posted on: 03rd Sep, 2008 01:37 pm
i currently live in a home that has my sister, brother-in-law and my name on the deed. they are selling the house and i am going to be filing bankruptcy. i don't want the house to interfere with my bankruptcy filing. is it possible to remove my name from the deed?
Hi Vonnie!
Welcome to forums!
You can use a quitclaim deed in order to transfer the property to your brother. If it is a gift transfer, then you may be liable for gift taxes. In 2013, the annual gift tax exemption amount is $14,000. Any amount higher than that will be considered taxable by the IRS.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can use a quitclaim deed in order to transfer the property to your brother. If it is a gift transfer, then you may be liable for gift taxes. In 2013, the annual gift tax exemption amount is $14,000. Any amount higher than that will be considered taxable by the IRS.
Feel free to ask if you've further queries.
Sussane
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