Posted on: 12th Feb, 2007 12:11 pm
My wife and I were deeded a parcel of land valued at $13,000 through a quitclaim deed. Is this divided between us, thus, avoiding gift tax liability.
Gift tax is to be paid by the grantor that is the person who quit claim the land to you. As the grantees you two are not responsible to pay gift taxes.
Fancher
Fancher
Hi Jemccoy,
Welcome to Mortgagefit discussion board.
Francher is correct; the obligation to pay the gift tax falls upon the grantor and not on grantee. You will get a clear idea about the tax implications for a person who quit claims interest in property to someone else from this page.
Do let me know if you are not able to understand any of the points mentioned there.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Francher is correct; the obligation to pay the gift tax falls upon the grantor and not on grantee. You will get a clear idea about the tax implications for a person who quit claims interest in property to someone else from this page.
Do let me know if you are not able to understand any of the points mentioned there.
Thanks
Blue