Posted on: 02nd Feb, 2009 11:12 am
My mother wants to give my sister and me the family mountain house. It is fully paid off. Will we have to pay capital gains on this gift? The value is about $300,000.
Capital gains taxes are not paid on the gift. When you sell porperty and gain out of it, only then you may have to pay capital gains taxes. However, there are tax exemptions in this regard.
Now, since your mother has quitclaimed property, she may have to pay gift taxes provided she does not qualify for the gift tax exemptions .
Good luck
Now, since your mother has quitclaimed property, she may have to pay gift taxes provided she does not qualify for the gift tax exemptions .
Good luck