Posted on: 20th Feb, 2009 12:07 pm
We have property in Michigan owned as tenants in common (6 of us). We were defendants in a lawsuit to amend the plat on which the property is located. Because Owner A could not get excused from a mediation hearing in that case, Owner A QCD'd his interest in the property to Owner B so the mediation could occur. Now that the lawsuit is over, is there any way to transfer ownership back to the one owner, that does not have the tax consequences of a QCD? Thank you!
Hi truenorth,
To reverse the quitclaim deed, owner B needs to transfer his/her share of interest back to owner A. But once a transfer of ownership takes place, you need to pay certain taxes. However, if you quitclaim as gift, you can avail certain tax exemptions as well. To know more you can refer to the following discussion:
http://www.mortgagefit.com/discuss/quitclaim-taximplications.html#3127
To reverse the quitclaim deed, owner B needs to transfer his/her share of interest back to owner A. But once a transfer of ownership takes place, you need to pay certain taxes. However, if you quitclaim as gift, you can avail certain tax exemptions as well. To know more you can refer to the following discussion:
http://www.mortgagefit.com/discuss/quitclaim-taximplications.html#3127