My husband and I are seperated for two years. We own home joint title.
He wants to be off the mortgage and title. I have agreed to pay him a sum of money over time, but he is willing to quit claim or let me refinance on my own however I want. We trust each other and he does not need the money any time soon....
If he signs title over to me, will I have a taxable event? If I am only paying him as I can over time, does he have taxable event.
Trying to figure out the best way to do this cleanly....
2007-09-19 10:37:46 · 1 answers · asked by cathoratio 5 in Business & Finance ➔ Personal Finance
It really depends on what kind of amounts. If you have a large equity that he is selling to you, it could have tax consequences for him. But I don't think you would incur and taxes since you are keeping the home.
You should consult a CPA just to make sure you cover all your bases.
2007-09-19 10:59:46 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋