Asked by Phillip Morong, Los Angeles, CA • Mon Oct 22, 2007
I have a 185000 mortgage on a house worth about 500000. I'm divorcing my wife but we both agree to hand the property over to our children. Should we quit claim the property to them, or should we sell the home to them for what we owe? I understand if i do a gift deed, we could face some taxation. Thanks for your help.
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