Posted on: 19th Feb, 2009 01:58 pm
I have a critical issue where I need to pay a large sum of money against state taxes (business). I am one of 5 children who are beneficiaries to my fathers home which is part of his estate. The house is currently on the market for sale, and my portion would be approx 50K. Can i quitclaim deed my portion to the State so that they own my portion, alleviating the tax debt?
Hi pmsmith,
Since the house is up for sale, you can wait for some time and once it is sold, you can pay off the taxes. But do you have a mortgage on the house? is it listed for a short sale? Then the money obtained from the sales proceeding will be taken up by the lender to satisfy the loan and you may have to pay the deficiency amount as well. As to your question whether you can quitclaim to the state, I don't think you can. Transferring property to the state to pay off the outstanding taxes isn't possible.
Since the house is up for sale, you can wait for some time and once it is sold, you can pay off the taxes. But do you have a mortgage on the house? is it listed for a short sale? Then the money obtained from the sales proceeding will be taken up by the lender to satisfy the loan and you may have to pay the deficiency amount as well. As to your question whether you can quitclaim to the state, I don't think you can. Transferring property to the state to pay off the outstanding taxes isn't possible.