Posted on: 09th May, 2011 01:25 pm
If I quick claim my share of a house that I own with another partner - will I have any tax benefit or liability if the house is subsequently sold by my current partner for a gain or a loss?
Hi Ray!
Welcome to forums!
If you sign a quitclaim deed and transfer your share of the property as a gift, then you will be liable for paying the gift taxes. But later on, if the other partner sells off the property, you won't be liable for paying any taxes for a gain or a loss.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you sign a quitclaim deed and transfer your share of the property as a gift, then you will be liable for paying the gift taxes. But later on, if the other partner sells off the property, you won't be liable for paying any taxes for a gain or a loss.
Feel free to ask if you've further queries.
Sussane