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My husband and I were married June 24, 2013. We are splitting

My husband and I were...
My husband and I were married June 24, 2013. We are splitting up. We had an extensive trust done on the house. We have $300,000 into the house and I am on the deed. If we divorce so soon,can he take my name off the deed?
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Answered in 2 minutes by:
8/26/2013
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
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Lev :

Hi and welcome to Just Answer!
Yes - you may negotiate who will own assets after separation or divorce. That includes taking your name off the deed and transferring the deed to your spouse only.

Lev :

See for reference - http://www.irs.gov/pub/irs-pdf/p504.pdf
page 18
Generally, there is no recognized gain or loss on the transfer of property between spouses, or between former spouses if the transfer is because of a divorce.
and - page 19


Generally, no gain or loss is recognized on a transfer of property from you to (or in trust for the benefit of):
Your spouse, or
Your former spouse, but only if the transfer is incident to your divorce.
This rule applies even if the transfer was in exchange for cash, the release of marital rights, the assumption of liabilities, or other consideration.


As we see - there is NO limit for the time of being married.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
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