Posted on: 02nd Feb, 2010 09:09 pm
i am in the process of getting a divorce, and my husband is going to keep the house. i don't want it. we've been advised that i should sign a quit claim deed. will i be responsible for any taxes or other $'s? he makes a lot of money and i don't, so i need to make sure there won't be any big surprises. thanks!
Hi Guest,
You do not have to pay any taxes if you transfer the property as a gift through a quit claim deed. You can claim an annual gift tax exemption of $13,000 and a lifetime exemption of $1million. Thus, you can claim these exemptions and avoid paying taxes for the transfer of property. However, in case you are liable for any taxes, you can ask your husband to pay it. After all, he is the one who is gaining from this transfer.
You do not have to pay any taxes if you transfer the property as a gift through a quit claim deed. You can claim an annual gift tax exemption of $13,000 and a lifetime exemption of $1million. Thus, you can claim these exemptions and avoid paying taxes for the transfer of property. However, in case you are liable for any taxes, you can ask your husband to pay it. After all, he is the one who is gaining from this transfer.