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 ?
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