Posted on: 04th May, 2011 01:46 pm
My significant other and I purchased a home together a few yrs ago. We are no longer together but still living in the home. We have requested an assumption application from our mortgage company to determine if he can qualify to assume the mortgage. I will also remove my name from the deed. If I transfer the property to him without any exchange of money is that considered a gift and will I be subject to gift tax for tax purposes?
I would consult a tax professional. Real estate agents and the like should not provide any tax consequence information. If you have an assumption clause in your note, then you may be allowed to have loan assumed, if lender accepts. Person must be able to qualify for the payments.
Hi Meeshell!
Welcome to forums!
As far as I know, you will be liable for taxes. But as Chris has suggested, you should contact a tax professional in this regard and take his opinion.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you will be liable for taxes. But as Chris has suggested, you should contact a tax professional in this regard and take his opinion.
Feel free to ask if you've further queries.
Sussane
