Updated about 9 years ago on . Most recent reply
"Gifting" A House To A Spouse
Currently living in Miami, Florida and looking into getting into real estate investing. Married about 2 years ago and moved in home with wife who already owns her house outright. To start our jump into real estate investing we wanted to pull equity from the house and use it as a down payment on a duplex or triplex to create cash flow and use my first time home buyer credit since I technically don't own a home yet. Problem is the house we live in now, although completely paid off, we are behind a couple years on property taxes and my wife's credit is too low for a bank to even consider giving her HELOC or any type of equity loan.
So my question is in the state of Florida is there a such thing as "gifting" a house to a spouse. I read something about some type of gift tax may be involved on her part but couldn't really find any concrete information on it. The reason I ask is because if she gifts me the house then I can use my credit to pull out equity from the house to either put down payment on new home or fix up our current home and get it reappraised and pull equity from the house that way.