Posted on: 05th Oct, 2009 06:22 pm
my husband and I own a house together, we both are on the mortgage. I want to quit claim my portion of the house to him, knowing that I will still be responsible for mortgage payments. I am battling cancer and want to have things 'tidy' ...just in case. also, if I do this, is their a tax 'penalty' attached. we live in idaho thanks
Hi buffalogals,
If you transfer the property to your husband, you would still be responsible for the mortgage payments. If the property is transferred as a gift, then you would be liable for the gift taxes. However, there are certain exemptions in case of gift taxes. You can check out the given page to know more about it:
http://www.mortgagefit.com/gift.html#111114
Thanks
If you transfer the property to your husband, you would still be responsible for the mortgage payments. If the property is transferred as a gift, then you would be liable for the gift taxes. However, there are certain exemptions in case of gift taxes. You can check out the given page to know more about it:
http://www.mortgagefit.com/gift.html#111114
Thanks