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I live in New Jersey, I am working with my mortgage lender

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Hello, I live in New...
Hello, I live in New Jersey, I am working with my mortgage lender to do a mortgage modification. My husband and I are divorced it was finalized a few months back. Currently we are both listed on the deed and the mortgage. The bank is requesting that I have my ex husband sign a quit claim deed to remove him as an owner on the property I must do this in order to modify my mortgage.
There will be no money involved in this transaction. Will there be any Tax implications as a result of this transaction for either him or I?
Thank you
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
5/25/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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There is NO tax consequences if the property is transferred as divorce settlement.

Neither you nor your ex-spouse will have tax liability because of such transfer.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

See for reference

https://www.irs.gov/pub/irs-pdf/p504.pdf

Transfer Between Spouses

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.

Incident to divorce. A property transfer is incident to your divorce if the transfer:

--Occurs within 1 year after the date your marriage ends, or

--Is related to the end of your marriage.

A divorce, for this purpose, includes the end of your marriage by annulment or due to violations of state laws.

Related to end of marriage. A property transfer is related to the end of your marriage if both of the following conditions apply.

--The transfer is made under your original or modified divorce or separation instrument.

--The transfer occurs within 6 years after the date your marriage ends.

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