I filed for bankruptcy in 2009 which included several investment condos in Florida. As part of the bankruptcy the condos were surrendered. The banks have since foreclosed on all the properties except one. The last condo that I still hold title to I am are considering doing a quitclaim deed and signing it over to the condo association for past due assessments. Is there any tax liability if I do the quitclaim deed? The value of the condo is 100K.
The association is also in the process of foreclosing on the property. If the forclosure goes through, would there be any tax liabilities? I am trying to figure out if I should do the quitclaim deed or let the condo continue in foreclosure.