Posted on: 22nd Jun, 2009 10:41 am
A and B are not married but bought a house together, with A's money only. Both A and B own the title. (Deed says 99%of property belongs to A and 1%belongs to B.) B gets a personal tax lien, which gets attached to the title of the "common" property. A had too much, and decides to the get rid of B, who agrees to quit claim his 1% share to A. Can A, now, buy a new clean title?. Can the title be cleaned when B that has a tax lien, quit claims to A that does not, or would A still have to pay B's taxes in order to get rid of the lien?
A need not pay the tax burden of the B as they are not yet married one can not consider it as income of a husband and wife.
Quit claiming does not relieve the person from the tax burden with immediate effect.
Real estate attorney will be the right person who will bifurcate the income from property (if at all it is there) according to one's equity holdings.and will guide accordingly ..
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keep in touch....
Quit claiming does not relieve the person from the tax burden with immediate effect.
Real estate attorney will be the right person who will bifurcate the income from property (if at all it is there) according to one's equity holdings.and will guide accordingly ..
:arrow: :arrow: :arrow:
keep in touch....
When you say "Quit claiming does not relieve the person from the tax burden with immediate effect" do you mean "does not relieve A from the tax burden"? or B? It is ok if it does not relieve B as he should pay his taxes, but would the title be free immediately? The property would be A's home, so no income from it.
talvic, the answer to your question is "no." forget what you've read here above. "clean" title is a title that is free of liens - in this case, it is painfully obvious that the lien would remain. hence, the title cannot be considered "clean" - not on mars, not on earth and not wherever manoj lives, either.
Thanks George. So the answer is NO... Hmm... In spite of the fact that I can demonstrate that all of that house is my money, and when he deeded his 1% to me no money changed hands? No way for me to get rid of his lien, short of paying it?