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Old 07-04-2003, 09:59 AM
johnd
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Default Re: Was: [Will I have to pay gift tax if I put my house in my wife's name as well?] How about the reverse?

Stuart O. Bronstein" <stu[at]lexregia.com> wrote:
- quote -

> johnd <noemail[at]justpost.news> blurted out

> > What are the implications of removing someone from the title
> > of a house?


> It depends. Why were they on title in the first place?


"Removed" contributed to the down payment.

("Removed" = Person being removed from title.)
("Remainder" = Person remaining on the title.)

- quote -

> Why are they being removed now?

To legally disassociate themselves from the property.

- quote -

> Who made the down payment?

See above. But what if one or the other paid all of the
down payment? How would that have changed the situation?

- quote -

> Who made the mortgage payments?

The "remainder". Again, what if the other paid or it was a
mixture of both?

- quote -

> What state do you live in?

CA

Thanks.

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  #1  
Old 07-03-2003, 08:17 AM
Stuart O. Bronstein
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Default Re: Was: [Will I have to pay gift tax if I put my house in my wife's name as well?] How about the reverse?

johnd <noemail[at]justpost.news> blurted out

- quote -

> What are the implications of removing someone from the title
> of a house?


It depends. Why were they on title in the first place? Why
are they being removed now? Who made the down payment? Who
made the mortgage payments? What state do you live in?

Stu

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Old 07-03-2003, 07:39 AM
Jo Firey
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Default Re: [Will I have to pay gift tax if I put my house in my wife's name as well?] How about the reverse?

"johnd" <noemail[at]justpost.news> wrote:

- quote -

> What are the implications of removing someone from the title
> of a house?


That depends, a lot. For example who is on the title.
Legally should they be. Are they willing to be removed.

I think a quitclaim is pretty straight forward, but it has
to be done by the someone being removed.

Jo

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  #-1  
Old 07-02-2003, 03:54 PM
johnd
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Default Was: [Will I have to pay gift tax if I put my house in my wife's name as well?] How about the reverse?

What are the implications of removing someone from the title
of a house?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

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gift, house, pay, put, reverse, tax, wife
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