Posted on: 26th Aug, 2008 11:22 am
Hi,
My partner and I put in money for a down payment on a house. She and I are on the loan application. She now wants her money back and quitclaim the deed to only me. I am getting an equity loan to pay her back her down payment. I am paying her back what I borrowed to buy the house. Do I have to pay any taxes? Thanks,
My partner and I put in money for a down payment on a house. She and I are on the loan application. She now wants her money back and quitclaim the deed to only me. I am getting an equity loan to pay her back her down payment. I am paying her back what I borrowed to buy the house. Do I have to pay any taxes? Thanks,
hi binhdtruong,
welcome to forums.
as far as i know, if your partner quitclaims her interest to you, she may have to pay gift taxes if she doens't qualify for the exemptions. but have you informed the lender about your transaction? the lender may ask you to refinance if you wish to remove the spouse's name from the loan.
thanks
welcome to forums.
as far as i know, if your partner quitclaims her interest to you, she may have to pay gift taxes if she doens't qualify for the exemptions. but have you informed the lender about your transaction? the lender may ask you to refinance if you wish to remove the spouse's name from the loan.
thanks