tax implications

[emtp]

What is the name of your state (only U.S. law)? CA. house purchased in 1999 for $ 176,500 father co-signed and move fwd to 2004 got divorced father advised me to quit claim my interest in property to him soley in order to refi(better rate) cause my credit got ruined(BK,ETC.) Would like to buy house back , credit restored etc. House balance on 1st mortgage is $ 210,000 and current market value is 415,000. My father has been claiming it as a rental with yearly depreciation factored in. Will there be any tax implications ?

 

[tranquility]

Duplicate post.

 

[LdiJ]

What is the name of your state (only U.S. law)? CA. house purchased in 1999 for $ 176,500 father co-signed and move fwd to 2004 got divorced father advised me to quit claim my interest in property to him soley in order to refi(better rate) cause my credit got ruined(BK,ETC.) Would like to buy house back , credit restored etc. House balance on 1st mortgage is $ 210,000 and current market value is 415,000. My father has been claiming it as a rental with yearly depreciation factored in. Will there be any tax implications ?

Your dad will have to recapture depreciation on the rental...so there will be a tax implication there. If your father is selling you the house for the balance on the mortgage then he will have to file a gift tax return for the 200k gift, but will not have to pay an actual gift tax unless he has exceeded his lifetime exclusion for gifting.
You should both really consult a local tax pro who can look at your respective income situations to get a more thorough handle on the issue.