Posted on: 14th Mar, 2011 10:30 pm
let's say i purchase my sister and brother in law's current home in short sale and rent it out to them at a fair market rental value. then after two years or so, i quit claim deed back to them, and they refinance... do i owe taxes, fees, etc?
Hi RDK,
If you transfer the property as a gift to your sister and brother in law, then you will be liable for paying gift taxes. You may also owe the fees for property transfer and recording the deed.
Thanks,
Jerry
If you transfer the property as a gift to your sister and brother in law, then you will be liable for paying gift taxes. You may also owe the fees for property transfer and recording the deed.
Thanks,
Jerry