For Gerald, So now that i understand the law i am thinking if it applies here. So my ex-wife is on the title, and my mother is on the title and the transfer is made from them to me. So technically the amount of mortgage is 1/3 that i should claim on my wife's GEP -1 form. But, only me is on the mortgage note, and we had agreed before that she owns no mortage only me and she is onyl on the title. 1. Can i site some kind of paper that we agreed with her that she is not on the mortgages and claim that even 1/3 of the mortgage is not transfer taxable? Would they agree to that? Have you ever encountered a situatioin like that?
LIke this - here is a quote that you sited in your prior answer:
the remaining amount of any prior mortgage to whichthe transfer is subject or which is to be assumed and agreed to be paid by thegrantee
In this case mortgage is all on me - i am on the mortgage note only and have full assumptioin and ownership and obligation to repay - my mom and my wife are only on the title. Does that constitute that i am not assuming anything? Technically they were put on my title after mortgage was approved, etc and do not owe any mortgage. The bank has no recourse to them even if i default. Are there any guidance on that or commentaries?
2. If its not the case and the amout of 1/3 must be set there, then she is ucncomfortable wiht being called a seller. She is not selling, but giving it as part of our divorce agreement. Can I cross the tag on the table in the form that is called Seller information and change it to grantor, and then change the consideration to expand it (1/3 of the remaining mortage amount)?? As to indicate that no sale takes place, but rather its a grant as part of the divorce? What else can i do? Are there any other ways?
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