Questions about foreclosure...

[debee]

Wrong again? lol. I wasn't wrong the first time.

Publication 950, available at irs.gov states this:

The unified credit against taxable gifts remains at
$345,800 (exempting $1 million from tax) through 2009,
while the unified credit against estate tax increases during
the same period.

So you have to file the form, but any amount given over the annual allowed 13k, is subtracted from the lifetime amount of one million.

[debee]

This is in simpler English than the irs publication, but states the same thing. I copied it from some tax website: Congress did NOT repeal the federal gift tax, although it raised the lifetime gift tax exemption (the amount that may be passed without gift tax) to $1 million, effective in 2002. This means that a person could make a total of $1 million of gifts over his/her lifetime before owing any federal gift tax.

[debee]

Surrendering property in bankruptcy doesn't change ownership. It is just a statement of intentions. The debtor is still the owner. The debtor can sell the property, short sale it (with bank approval), do a deed-in-lieu, or quit claim it. There's no fraud inherent in any of those actions as long as they are carried out in accordance with the law.

What a quit claim transfers is ownership. The word "interest" comes into play because your ownership interest may be half or a third, or you can transfer half an "interest" (meaning half ownership).

When you quit claim the property, you transfer ownership. If you own it outright when you transfer it via the quit claim deed, someone else now owns your paid-off house.

If I quit claim my house with a lien attached, someone else now owns my house with the understanding that they either have to satisfy the lien, or the lien-holder will take it.

But there's nothing against the law, or fraudulent, about it.

[debee]

once again you fail to show any type of statue in the law which turns such a debt into a secured debt. fresno, san fran, san mateo, burlingame, san jose...i'm not caring...just put your money where your fingers are... show the statue that changes the status of a debt from unsecured to secured..and if you can't then stop. we have had two excellent atty's explain it to you, however, you know best, so, just cease asking the same questions over and over again.

is the debt...ahhhhhhhhh a student loan...nope

is the debt nondischargeable taxes........ahhhhhhhhhhh..nope

is the debt for domestic support obligations.........that's ANOTHER nope

is the debt for person injuiries or death caused by the debtor's operation of a motor vechicle, vessel or aircraft while intoxicated.........

OK...you got me...your fresno house attacked a boy scout while intoxicated...

personally, i'm beginning to question your motions on this forum...why would someone repeatedly ask the same question over and over and over...if you don't like the answers do not ask the questions.

do your quit claim.....see what happens to your tax status...and the poor person you assigned the deed to...good luck...because the IRS is a REAL secured debt.

ignore button is now turned on!...mentally anyway.

Debts accrued AFTER discharge are not included in bankruptcy. What the discharge removes in terms of real property is personal liability for the deficiency.

(And I didn't ask the question, Tobee. I answered it.)