Quitclaim deed - California

[binxtac]

What is the name of your state?What is the name of your state? California

We would like to quitclaim deed our property to my father to protect our assets. My questions are:

What value do we record on the deed - market value or any value we want?

Does this result in tax costs for my father?

Will my husband's name be removed from title once it has been recorded, showing that he has no claim to the property?

How do we reverse the quitclaim deed, with another one to replace it?

Many thanks

[HomeGuru]

Originally Posted by binxtac

What is the name of your state?What is the name of your state? California

We would like to quitclaim deed our property to my father to protect our assets. My questions are:

What value do we record on the deed - market value or any value we want?

Does this result in tax costs for my father?

Will my husband's name be removed from title once it has been recorded, showing that he has no claim to the property?

How do we reverse the quitclaim deed, with another one to replace it?

Many thanks

**A: some of your questions are confusing and some can't be answered until more information is received. You need to be talking with a CPA and a real estate attorney.

[I AM ALWAYS LIABLE]

Originally Posted by binxtac

What is the name of your state?What is the name of your state? California

We would like to quitclaim deed our property to my father to protect our assets. My questions are:

What value do we record on the deed - market value or any value we want?

Does this result in tax costs for my father?

Will my husband's name be removed from title once it has been recorded, showing that he has no claim to the property?

How do we reverse the quitclaim deed, with another one to replace it?

Many thanks

My response:

If you're trying to do this to hide your assets due to debts, judgments, or bankruptcy, it won't work. The court will merely reverse the Quit Claim Deed as a "fraudulent transfer".

IAAL

Q: We would like to quitclaim deed our property to my father to protect our assets.

A: If you are doing this to try to protect your assets from a creditor, you could be getting in trouble for a fraudulent transfer.


Q: What value do we record on the deed - market value or any value we want?

A: You must ask a CA real estate attorney you hire to do the ded this question.


Q: Does this result in tax costs for my father?

A: You must ask a CA CPA you hire this question.


Q: Will my husband's name be removed from title once it has been recorded, showing that he has no claim to the property?

A: Yes, if your husband quit claims his interest away he will no longer have any interest.


Q: How do we reverse the quitclaim deed, with another one to replace it?

A: Incomprehensible question. If you mean how is the land transferred again, it is the same way you're planning on doing it...by a deed. If pa dies while he is the only one on title, then I sure hope he has done a lot of good estate planning to make sure the land goes to whoever he wants it to when he passes.


If y'all have a mortgage on the place now, then you will probably have to pay it off before you can convey to pa. Most mortgages have a clause that says if you transfer the land, the mortgage becomes due and payable in full.

[binxtac]

Thank you for your replies. We have no judgement against us at this stage. My husband is being held responsible for Sales taxes of a company that is not bankrupt , but has closed its doors. He was the controller and resigned before they ceased to operate. Now the State board is saying that because he prepared the tax report he is responsible to pay!!! At the time the company was in big financial trouble and could not pay such a large amount!!! (over $400K) We just wanted to protect our house as this is all the assets we have. We are at the appeals stage right now.

Last question...only if there is no mortgage on a property can it be quitclaim deeded to another??

Thanks again...

[I AM ALWAYS LIABLE]

Originally Posted by binxtac

Last question...only if there is no mortgage on a property can it be quitclaim deeded to another??

My response:

How many more ways can we say "No"?

If you do it, it will be reversed as a fraudulent transfer. You're stuck.

IAAL

Originally Posted by I AM ALWAYS LIABLE

My response:

How many more ways can we say "No"?

If you do it, it will be reversed as a fraudulent transfer. You're stuck.

IAAL

Nein, nyet, non.

[HomeGuru]

Yes, stuck****************************.

[binxtac]

So we have no option but to wait for them to take what is ours, for a company that was not owned by us???? An "employee" is resposible for a companies taxes????

The law seems to protect the criminals and prosecute the innocent.

So we have no option but to wait for them to take what is ours, for a company that was not owned by us???? An "employee" is resposible for a companies taxes????

None of the responders said anything remotely like that.

Get a lawyer. Today.

[binxtac]

We did and $15,000 later we are still no closer than we would have been without one.

I really do appreciate your time and advice. I am just so frustrated as this should have nothing to do with us. We are law abiding, tax paying (personal) citizens blowing our savings to prove just that!!

Originally Posted by binxtac

We did and $15,000 later we are still no closer than we would have been without one.

I really do appreciate your time and advice. I am just so frustrated as this should have nothing to do with us. We are law abiding, tax paying (personal) citizens blowing our savings to prove just that!!

You are welcome.

[HomeGuru]

Originally Posted by binxtac

We did and $15,000 later we are still no closer than we would have been without one.

I really do appreciate your time and advice. I am just so frustrated as this should have nothing to do with us. We are law abiding, tax paying (personal) citizens blowing our savings to prove just that!!

**A: law abiding? Why is it that the IRS and state does not agree that your husband followed the Tax code or that the corporation paid the required taxes due?

[binxtac]

Originally Posted by HomeGuru

**A: law abiding? Why is it that the IRS and state does not agree that your husband followed the Tax code or that the corporation paid the required taxes due?

He prepared the taxes and as the person who prepared & signed them he is held liable to pay the outstanding amount. He was not an owner or director of the company, but paid the bills as an employee under instruction from the owner/CEO. The money in the bank, of which there was very little at that time was not his or his decision to decide who got paid. He advised them of the correct thing to do but they instructed him to pay other accounts.

[HomeGuru]

Originally Posted by binxtac

He prepared the taxes and as the person who prepared & signed them he is held liable to pay the outstanding amount. He was not an owner or director of the company, but paid the bills as an employee under instruction from the owner/CEO. The money in the bank, of which there was very little at that time was not his or his decision to decide who got paid. He advised them of the correct thing to do but they instructed him to pay other accounts.

**A: then before following lame instructions against his better judgment, he should have resigned. Yes quit before preparing and signing his name to the tax returns.