Posted on: 09th Apr, 2010 02:50 pm
Joshua...
My ex-spouse and I were co-owners of a home in Calif. until I recently quitclaim-deeded my half of the property to her. She now wants to reverse the process. If she quitclaim deeds my original 50% back to me, does it effectively cancel out the original donor gift tax impact against the $1M lifetime exclusion, or is it viewed as two separate gifting processes, thus impacting both of us in terms of the $1M exclusion?
Thanks, Steve
My ex-spouse and I were co-owners of a home in Calif. until I recently quitclaim-deeded my half of the property to her. She now wants to reverse the process. If she quitclaim deeds my original 50% back to me, does it effectively cancel out the original donor gift tax impact against the $1M lifetime exclusion, or is it viewed as two separate gifting processes, thus impacting both of us in terms of the $1M exclusion?
Thanks, Steve
Hi sefields,
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/quitclaim/reversedeed-exspouse.html#159652
Take a look at it. Hope it helps you.
Thanks
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/quitclaim/reversedeed-exspouse.html#159652
Take a look at it. Hope it helps you.
Thanks
You cannot reverse a real property transfer. It can be voided in certain circumstances (minority, incompetence), but you have stated no facts for this.
