Posted on: 30th Aug, 2009 09:14 am
Hi,
My life partner of 16 years has decided to leave the relationship. We have a mortgage on a condo in Seattle (purchased in 1999). Now he suggested that he sign a quitclaim. In this case, aside for the fees, is there tax liability for me? For him?
Thanks for your help!
Ben
My life partner of 16 years has decided to leave the relationship. We have a mortgage on a condo in Seattle (purchased in 1999). Now he suggested that he sign a quitclaim. In this case, aside for the fees, is there tax liability for me? For him?
Thanks for your help!
Ben
Both our names are on the mortgage. No real money is exchanged in this. The equity on this property is ~ $18K. Will I owe excise tax? If so, how should I calculate it?
Thanks again for your help!
Ben
Thanks again for your help!
Ben
Hi ben!
Welcome to forums!
I don't think you would be liable for any taxes. However, once the property is transferred in your name, you would have to pay the property taxes in full. Also, as there's a mortgage on the property, you would have to refinance it in your name in order to release your husband from the liability of paying the mortgage dues. You can also consult a tax assessor and he may also help you in knowing whether or not you would owe any taxes for this transfer of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think you would be liable for any taxes. However, once the property is transferred in your name, you would have to pay the property taxes in full. Also, as there's a mortgage on the property, you would have to refinance it in your name in order to release your husband from the liability of paying the mortgage dues. You can also consult a tax assessor and he may also help you in knowing whether or not you would owe any taxes for this transfer of the property.
Feel free to ask if you've further queries.
Sussane