Posted on: 12th Apr, 2007 12:54 pm
Can I draw out the Quitclaim Deed?
Would this be considered Gift?
Would this be considered Gift?
hi ennosys,
welcome to mortgagefit forum.
you can give property to someone using a quit claim deed but whether or not it is considered as a gift being made depends on how much consideration is received.
if property is transferred for a value lesser than its present market value then it will be considered as a gift.
colin
welcome to mortgagefit forum.
you can give property to someone using a quit claim deed but whether or not it is considered as a gift being made depends on how much consideration is received.
if property is transferred for a value lesser than its present market value then it will be considered as a gift.
colin
Ennosys,
Please go through this page to know more about quit claim deeds and how to use them in property transfer: Quit claim deeds
And one more thing is there, if you quit claim your property for a value less than its actual value then gift tax may have to be paid if the value exceeds the annual exemption limit of $12,000. Read more about it from this page: Tax implications of quit claim deed
Miller
Please go through this page to know more about quit claim deeds and how to use them in property transfer: Quit claim deeds
And one more thing is there, if you quit claim your property for a value less than its actual value then gift tax may have to be paid if the value exceeds the annual exemption limit of $12,000. Read more about it from this page: Tax implications of quit claim deed
Miller