Posted on: 04th Feb, 2010 11:16 am
my ex and i own a house and we both agree that he should try keep the house. he is trying to do a loan modification and it will not process without me signing a quit claim deed. what will it cost for me to file a quit claim deed and what tax implications will it have on me? i am in the state of california
Hi nvrbnhapier!
Welcome to forums!
The cost of filing quitclaim deed may vary from one county to another. You'll have to contact your county recorder's office and they may help you in this regard. As far as taxes are concerned, if you transfer the property as a gift, then you would become liable for paying gift taxes. However, there are certain exemptions in this regard. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The cost of filing quitclaim deed may vary from one county to another. You'll have to contact your county recorder's office and they may help you in this regard. As far as taxes are concerned, if you transfer the property as a gift, then you would become liable for paying gift taxes. However, there are certain exemptions in this regard. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Feel free to ask if you've further queries.
Sussane