Posted on: 01st Jul, 2010 02:28 am
hello,
my ex and i divorced and since we live in california, our house is considered community property. i pay the mortgage (only my name on mortgage) and property taxes already.
will i incure a gift tax or any other tax once she signs the quit claim deed?
my ex and i divorced and since we live in california, our house is considered community property. i pay the mortgage (only my name on mortgage) and property taxes already.
will i incure a gift tax or any other tax once she signs the quit claim deed?
Hi Michael!
Welcome to forums!
If your ex transfers the property to you, then you won't be liable for the gift taxes. Rather, your ex may be liable for the paying the gift taxes if she transfers the property to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your ex transfers the property to you, then you won't be liable for the gift taxes. Rather, your ex may be liable for the paying the gift taxes if she transfers the property to you.
Feel free to ask if you've further queries.
Sussane