Posted on: 18th Feb, 2011 12:35 pm
Hi,
I got married a couple years ago. Before, I got married I bought the house that we currently live in. I'd like to add my wife to the deed.
-should I fill out an interspousal deed?
-Is there any implication on our property taxes, and will the house get reassessed?
-her credit is not as good as me. Once she is on the title, if I refinanced the house, are we required to have her name on the new mortgage?
-if we ever sell the house, what is needed in order to get the $500k tax exclusion for married couples (instead of $250k). is it sufficient that we file as a married couple? or does she need to be on the title?
Thanks!!!
I got married a couple years ago. Before, I got married I bought the house that we currently live in. I'd like to add my wife to the deed.
-should I fill out an interspousal deed?
-Is there any implication on our property taxes, and will the house get reassessed?
-her credit is not as good as me. Once she is on the title, if I refinanced the house, are we required to have her name on the new mortgage?
-if we ever sell the house, what is needed in order to get the $500k tax exclusion for married couples (instead of $250k). is it sufficient that we file as a married couple? or does she need to be on the title?
Thanks!!!
Ask the lender if you can add her to the deed.
Depending on what state you are in, if it is the marital home, she owns it with you in some states.
Do not add her to the deed unless the current lender says it is ok.
No change in taxes or assessement.
To get the $500,000 exclusion and she not be on title, an accountant would have to answer that question. I do not know.
If she is on title and you want to refinance, she need not be on the mortgage. However, if you are in a community property state, her credit would come into play.
While her credit may not be the best, you do not want her on title if she has any judgments that would show up in a judgment search.
Depending on what state you are in, if it is the marital home, she owns it with you in some states.
Do not add her to the deed unless the current lender says it is ok.
No change in taxes or assessement.
To get the $500,000 exclusion and she not be on title, an accountant would have to answer that question. I do not know.
If she is on title and you want to refinance, she need not be on the mortgage. However, if you are in a community property state, her credit would come into play.
While her credit may not be the best, you do not want her on title if she has any judgments that would show up in a judgment search.