Posted on: 14th Sep, 2009 08:48 pm
My husband's ex-girlfriend of 25 years (never legally married) is finally willing to quit-claim 40 acres of undeveloped property that they bought together (but only in her name) back to him, as she has become ill and is doing nothing with it.
The problem is that I have a large amount of back taxes that I need to start working with an attorney on, to do an offer-in-compromise or whatever they recommend. However, I have not started this process, and am concerned that receiving this property through my husband will attract the IRS' attention and lose the property for him once again.
My question is, could I also Quit Claim my interest in the property to him after his ex does? Would this protect it from being seized for my tax issues?
Jaya
The problem is that I have a large amount of back taxes that I need to start working with an attorney on, to do an offer-in-compromise or whatever they recommend. However, I have not started this process, and am concerned that receiving this property through my husband will attract the IRS' attention and lose the property for him once again.
My question is, could I also Quit Claim my interest in the property to him after his ex does? Would this protect it from being seized for my tax issues?
Jaya
If the property is not going to be in your name then you cannot quit claim the property
Your husband's ex-girlfriend can quitclaim the property to your husband alone. If she does not include your name to the property deed, then your creditors won't be able to place a lien on that property.