Posted on: 05th Aug, 2010 10:52 am
Hi, I am in California and my wife and I are about to be divorced. I recently signed a quitclaim deed of the house to her and added my son to the title as well. I was told that since I still live in the house and legally married, and my son stays with us, by adding his name will not cause any gift tax problem. Is this true? Alsi I am aware that since my name is still on mortage I am legally liable but my wife started paying the martage all by herself. Are there any other legal problems I need to be concerned about? Thanks!
"adding his name will not cause any gift tax problem. Is this true?"
I do not think so.It can be termed as child support because you are in the process of divorce.How old is your son?
for any further questions about quitclaim deed just go through this link
http://www.mortgagefit.com/search/quitclaim-deed.html
DIPA
I do not think so.It can be termed as child support because you are in the process of divorce.How old is your son?
for any further questions about quitclaim deed just go through this link
http://www.mortgagefit.com/search/quitclaim-deed.html
DIPA