Posted on: 05th May, 2011 05:54 pm
Divorced and refinancing home to buy out ex-spouse. What are the tax ramifications for either quick deed or gift deed? Who would be better off?
Hi ts,
Your spouse can use a quitclaim deed or a gift deed in order to transfer the property to you. However, if he transfers the property as a gift, then he will be liable for paying gift taxes. But if you're buying him out, then he won't be responsible for paying gift taxes.
Your spouse can use a quitclaim deed or a gift deed in order to transfer the property to you. However, if he transfers the property as a gift, then he will be liable for paying gift taxes. But if you're buying him out, then he won't be responsible for paying gift taxes.