Posted on: 15th Jun, 2010 04:03 pm
i lost a law suit and need pay off the settlement of 34,000.00 we have a home that has 500,000.00 in equity.
even so because of loss of job and other money generating investments we are barely able to pay the mortgage on the balance of 525,000.00
i wanted to get a equity line of credit with the bank but our debt ratio is too high with our income. my son lives with us and he makes enough to get approval together but they said he would have to be on the deed. is a quit claim dead a reasonable way to get him on the deed with or having him be taxed for gift taxes over 12k. what are the tax implications of putting on the deed with a quit claim deed?
even so because of loss of job and other money generating investments we are barely able to pay the mortgage on the balance of 525,000.00
i wanted to get a equity line of credit with the bank but our debt ratio is too high with our income. my son lives with us and he makes enough to get approval together but they said he would have to be on the deed. is a quit claim dead a reasonable way to get him on the deed with or having him be taxed for gift taxes over 12k. what are the tax implications of putting on the deed with a quit claim deed?
Hi cedarcreekfc,
You can sign a quit claim deed and add your son to the property. This will make him one of the owners of the property. As you are transferring the property to him, you may be held liable for the gift taxes. Your son won't be liable for paying any taxes in this regard.
Thanks
You can sign a quit claim deed and add your son to the property. This will make him one of the owners of the property. As you are transferring the property to him, you may be held liable for the gift taxes. Your son won't be liable for paying any taxes in this regard.
Thanks
Hi Cedarcreekfc,
As per my knowledge you can sign a quitclaim deed and transfer the property to your son. After the quitclaim your son will become the sole owner of the property. However, you need to pay the gift taxes and you son will be liable to pay the property related taxes from there after. Consult with a good attorney to get detailed information.
As per my knowledge you can sign a quitclaim deed and transfer the property to your son. After the quitclaim your son will become the sole owner of the property. However, you need to pay the gift taxes and you son will be liable to pay the property related taxes from there after. Consult with a good attorney to get detailed information.