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Good evening everyone. I took some advice from a realtor friend and now I am feeling extremely uneasy. Here's the scoop.
My mother in law has property that I was going to buy from her but my realtor friend told me to setup a quit claim and just add myself to the deed. We submitted the quit claim late October of last year.
We just found out she has a lien on top of her mortgage. So we have decided to take my name back off and abandon the idea for a while.
However, here is were I feel uneasy after reading online. Will there be any tax complications for adding and removing myself? Will she need to fill out a gift form for the irs? Will I also have to fill one out for removing myself? Or is it a straight wash because the short duration and just let it be?
Sorry for being long-winded but I just feel sick thinking about it. Thanks in advance everyone
My mother in law has property that I was going to buy from her but my realtor friend told me to setup a quit claim and just add myself to the deed. We submitted the quit claim late October of last year.
We just found out she has a lien on top of her mortgage. So we have decided to take my name back off and abandon the idea for a while.
However, here is were I feel uneasy after reading online. Will there be any tax complications for adding and removing myself? Will she need to fill out a gift form for the irs? Will I also have to fill one out for removing myself? Or is it a straight wash because the short duration and just let it be?
Sorry for being long-winded but I just feel sick thinking about it. Thanks in advance everyone