Posted on: 18th Oct, 2009 11:58 am
is there income tax due on property transferred via a quit claim deed?
Nope
You will have to pay the taxes once you sell the property
You will have to pay the taxes once you sell the property
Hi robreed,
If the property is transferred to you as a gift, then the person transferring the property may have to pay a gift tax. However, there are certain exemption in case of gift tax. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
If the property is transferred to you as a gift, then the person transferring the property may have to pay a gift tax. However, there are certain exemption in case of gift tax. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114