Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
