Posted on: 14th Feb, 2009 07:17 am
I have been divorced for two years, with my ex-spouse receiving our residence in the divorce. I never quit deeded the property to her and would like to do that now to get homestead exemption on my new home. Are there gift tax consequences since I waited? We live in Georgia.
Hi Brian,
You can quitclaim it to your ex-spouse as a gift for which you may have to pay gift taxes. However, there are certain tax exemptions that are available and you may well qualify for them.
A similar discussion on the same topic on the following page would be useful in this case:
http://www.mortgagefit.com/propertytransfer/gift-sibling.html#77567
You can quitclaim it to your ex-spouse as a gift for which you may have to pay gift taxes. However, there are certain tax exemptions that are available and you may well qualify for them.
A similar discussion on the same topic on the following page would be useful in this case:
http://www.mortgagefit.com/propertytransfer/gift-sibling.html#77567