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Old 01-28-2015, 11:45 AM
 
1,947 posts, read 1,039,061 times
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Quote:
Originally Posted by Suncc49 View Post
1) Called arms length transaction and can be deemed an illegal move by the IRS/government, due to selling for grossly under market value to a blood relative (fraud)
Are you sure that is true? But what if a well to do elderly parents want to move from a house to a condo/apartment and want their kids to have a house? Not for free but for enough money to cover the cost of the apartment? It is legal for them to just gift the house to their kids, right?

At least in NJ where we live, we saw on the house sales history that it was officially "sold" for $1 from a husband to a wife.
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Old 01-28-2015, 11:46 AM
 
7,358 posts, read 4,430,363 times
Reputation: 8312
Just so you know OP, if your wife took a withdrawal from her 401k, if she rolls it over to an IRA within 60 days, there won't be any taxes or penalties due.

If she took a loan, she can just repay it.

In other words, it isn't too late yet to undo this financial mess she made.
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Old 01-28-2015, 02:12 PM
 
3,753 posts, read 2,906,245 times
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Depending on what state the OP is in, he may not lose that house in the divorce, since he owned it before he was married.
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Old 08-30-2018, 10:02 AM
 
Location: Northeast US
88 posts, read 48,378 times
Reputation: 115
Quote:
Originally Posted by Anabasis X View Post
Be careful with the divorce route. She may get your house, and level it out of spite. Reminds me of a divorce case, where a woman was wrongfullygiven custody of her husbands dog, which he has had before he even met her, and had it put down the very next day, before he had a chance to appeal.


People like this are one of the reasons I'm anti-marriage. For me, and for anyone who asks me for advice.
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Old 08-30-2018, 07:20 PM
 
459 posts, read 260,382 times
Reputation: 1697
Quote:
Originally Posted by Petunia 100 View Post
Just so you know OP, if your wife took a withdrawal from her 401k, if she rolls it over to an IRA within 60 days, there won't be any taxes or penalties due.

If she took a loan, she can just repay it.

In other words, it isn't too late yet to undo this financial mess she made.

^^^^This^^^^
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Old 08-31-2018, 07:30 PM
 
666 posts, read 228,153 times
Reputation: 1026
Stay put. You are out of debt. Roll that money over to an IRA. Go to counseling and get on the same page.
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Old 09-01-2018, 06:57 AM
 
1,622 posts, read 1,441,759 times
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Quote:
Originally Posted by RefuseToMove View Post
.admitted that she took good chunk of money out of her 401K to pay her sister to hold the house before she even talk with me about it!
I apologize for repeating this if others have already mentioned it.

But is this even legal?

When I did this, I had to attest to either not being married or having spousal consent.
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Old 09-01-2018, 06:58 AM
 
4,104 posts, read 1,718,206 times
Reputation: 11594
Zombie thread 2015.
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Old 09-01-2018, 07:00 AM
 
1,622 posts, read 1,441,759 times
Reputation: 1620
Quote:
Originally Posted by LLCNYC View Post
Zombie thread 2015.
Too bad these issues aren't zombie.....
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