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What is the tax consequence to me now?

Posted on: 11th May, 2011 02:39 pm
My name was already included in the property deed when we purchased the house in Chicago for my parents. However, last year both my parents filed a Quitlclaim form to remove their names on the deed which left only my name on the title deed. Do I need to file any tax form or pay any taxes with the IRS or state as a result of this quitclaim? Thanks for your help.
Hi violetdin!

Welcome to forums!

You may be liable for paying taxes. You should contact a CPA or a tax adviser and take his/her opinion in this matter.

Feel free to ask if you've further queries.

Sussane
Posted on: 11th May, 2011 09:35 pm
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