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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Dividing Property, Multiple Possibilities
My wife and I are getting divorced. We have agreed that two rental properties in our joint name will be transferred solely into my name. I know that I can file appropriate forms at the office of the Recorder of Deeds to have the titles changed into my name, but my question is about the mortgages on the two properties. I hope that you and your wife have discussed these real estate issues with your own lawyers. If a property is transferred between divorcing spouses and the transfer is "pursuant to the divorce," there are tax issues. In your case, because you will get title to both properties, your wife will have no taxable consequences, but her basis in the property will become yours. This means that when you ultimately sell the properties, the original purchase price plus any improvements will be your basis for tax purposes. In addition, you have probably depreciated the properties over the years, and your tax accountant should be consulted before you sell. As far as the advice from your lenders: Generally, when a couple gets divorced and their jointly held property is transferred to one of the parties, the only ways to get the spouse who gives up the property removed from the mortgage obligation are to refinance the house or pay off the existing mortgage with all cash. So when your lender advised that you can solve the problem by paying a $200 fee, I am not sure that this will, in fact, get your wife off the mortgage. You should go back to that lender and confirm the facts. But, since it appears that both of your mortgages carry a low balance, I would consider refinancing both properties and pulling out additional cash to use for remodeling and upgrading. The mortgage interest will be tax-deductible, and any improvements you make to the houses will increase your tax basis. Looking for a home in Gleneagles Country Club? Realtor® Caesar Parisi is ready to help you buy your dream property. click here for article |
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