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Where there is a transfer of property between spouses or a transfer incident to divorce, §1041(b) states that the property will be treated as if the person who receives the property (the transferee) has acquired it by gift. The transferee's basis in the property shall be the adjusted basis of the transferor at the time of the transfer.
Transfers of property between spouses are generally nonrecognition events for income tax purposes, as they are always considered to be gifts with carryover basis. There are a couple of exceptions: (i) transfer to a spouse who is a nonresident alien at the time of the transfer; (ii) transfer in trust, to the extent that the sum of the ...
For example, when a spouse is to acquire the marital home as part of a divorce settlement, the other spouse may be able to transfer their full interest quickly and inexpensively via a quitclaim deed. [10] A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction.
For these mortgage transfers to work, the new borrower needs to be added to the property’s deed, the deceased owner needs to be removed from the deed or a spouse relinquishing ownership must ...
Conveyance is the act of transferring property ownership from one person or entity to a new person or entity. A deed of reconveyance is a document that transfers the title of a property from the ...
“While under many circumstances property ownership transfers automatically to the surviving spouse, there may be some instances where the surviving spouse must do something to ‘perfect ...
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