Q: Are taxes owed on a house after a quit claim deed is filed if there is no transfer of assets?
I am filing a quit claim deed so that I can relinquish my rights to my home with my future ex wife. Will there be taxes involved?
A: No transfer tax is due on a deed between spouses or former spouses pursuant to a dissolution of marriage when the real property is transferred following the divorce and the property was their marital home or an interest therein at the time of divorce. If you are referring to Federal income tax consequences, you will need to consult a tax advisor.
Rand Scott Lieber agrees with this answer
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