Posted on: 16th Jan, 2011 11:11 am
My husband signed interspousal deed when I bought the house in CA since he is non-resident of USA. Now, he wants to divorce me as he has adultery. He wants to claim the house as marriage asset. I am thinking to sign quitclaim deed to give the house to my mom who is non-resident of USA too. My questions:
1. Is it possible to give the house to a foreigner by signing the quitclaim deed? The house is still on mortgage.
2. Can the foreigner (my mom) sign quitclaim deed again to give back to me?
3. what is the STATE tax consequence for both of us by doing so? No Fedal one since it is less than 1M?
4. If the house for example valued 200K, but I still owe bank 150K. What is the value of the "gift"? 50K or 200K ?
Thanks!
1. Is it possible to give the house to a foreigner by signing the quitclaim deed? The house is still on mortgage.
2. Can the foreigner (my mom) sign quitclaim deed again to give back to me?
3. what is the STATE tax consequence for both of us by doing so? No Fedal one since it is less than 1M?
4. If the house for example valued 200K, but I still owe bank 150K. What is the value of the "gift"? 50K or 200K ?
Thanks!
Welcome Guest,
Your husband has signed an inter-spousal transfer deed and released all his claims over that property. In such a situation, your husband won't be able to claim anything from your property. You won't have to transfer the property to your mother. Rather, you should take attorney's advice in order to deal with your husband.
Your husband has signed an inter-spousal transfer deed and released all his claims over that property. In such a situation, your husband won't be able to claim anything from your property. You won't have to transfer the property to your mother. Rather, you should take attorney's advice in order to deal with your husband.