Posted on: 20th Feb, 2009 02:45 pm
My mother deeded her property to me and my sister and retained a life estate. My mother is still alive and my sister wants to gift me her interest in the property. If she quit claims here interest to me would this be exempt from Florida recordation taxes ?
Hi Sheri,
If she quitclaims she needs to pay the recordation taxes. I don't think it will be exempt from the tax. However, If she quitclaims it as gift, you can claim certain gift tax exemptions.
Thanks,
Jerry
If she quitclaims she needs to pay the recordation taxes. I don't think it will be exempt from the tax. However, If she quitclaims it as gift, you can claim certain gift tax exemptions.
Thanks,
Jerry