Posted on: 17th Oct, 2007 08:49 am
my house has no morgage on it and i own only 1/2 due to a divorce. my ex-wife is signing her 1/2 over to our son and i want $10,000 for my 1/2. can we quit deed the house over to our son so that he can get a equity loan on the house to pay my $10,000. if so what are the tax and gift tax problems the house is woth $40,000 my share being $20,000 and i will only be getting $10,000 after the home equity loan goes thru.
thanks for your help
thanks for your help
If you could answer a few questions that would be great.
What does your son do? and how did he come to get the house? (if you don't mind me asking)
Do you really want your son to get a loan to give you $10,000?
What type of house is it?
What does your son do? and how did he come to get the house? (if you don't mind me asking)
Do you really want your son to get a loan to give you $10,000?
What type of house is it?