Posted on: 25th Jul, 2011 09:36 am
I am hoping someone can help me. I am in a same-sex marriage and am filing for divorce. We are both on the mortgage and deed to the house. However, because the marraige isn't recognized by the IRS is it true that if I sign a quitclaim and deed the house to my spouse I will have to pay taxes? If yes, is there any way for me to calculate this cost?
Also - is it plausible to remove myself only from the mortgage? and note in settlement that I will not take any proceeds from the sale of the house.
Also - is it plausible to remove myself only from the mortgage? and note in settlement that I will not take any proceeds from the sale of the house.
honestly, sue, your best bet on the tax question is to go straight to the irs for clarification. if you know a lgbt tax advisor, or a tax specialist who is cognizant of the difficulties you could encounter in a same-sex marriage when you own real estate, then that's another good source of information (obviously). they're out there, so search a bit.
the plausibility of removing oneself from a mortgage is nil. the only way in which you become un-obligated is if your soon-to-be-ex is able to find a lender with whome to refinance the existing mortgage.
the plausibility of removing oneself from a mortgage is nil. the only way in which you become un-obligated is if your soon-to-be-ex is able to find a lender with whome to refinance the existing mortgage.