Posted on: 12th Oct, 2009 10:22 am
what are the tax implications to a quick claim deed property to the person receiving the property
At the time of getting the property, there may be just the property taxes.
But when you sell the house, you will have to pay captial gain taxes
But when you sell the house, you will have to pay captial gain taxes
Hi jhj!
Welcome to forums!
Once you become the owner of the property, you would definitely be responsible for paying the property taxes. Apart from this, when you sign the deed for property transfer, you would be responsible for paying the deed taxes and other related fees. Also, you will have to transfer the mortgage in your name and pay off the mortgage dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you become the owner of the property, you would definitely be responsible for paying the property taxes. Apart from this, when you sign the deed for property transfer, you would be responsible for paying the deed taxes and other related fees. Also, you will have to transfer the mortgage in your name and pay off the mortgage dues.
Feel free to ask if you've further queries.
Sussane
how atre property taxes calculated, does it depend on the value of the house?
as a general rule, the value of the home will be used as the basis for taxation, depending, of course, on the budget of the municipality or county (or whatever government applies). revaluation is done periodically to reset values to current market, for better or worse.
Especially in this market, most of them have revalued the property value and probably most of them are reduced