Posted on: 14th Dec, 2010 09:27 am
I am going to quit claim property to my son , will he have to pay any inheritance tax ? I live in Arkansas.
Hi Joey,
I don't think you'll have to pay inheritance taxes. However, if you transfer the property as a gift to your son, then you will be liable for paying gift taxes. However, there is an annual gift tax exemption of $13,000.
Thanks
I don't think you'll have to pay inheritance taxes. However, if you transfer the property as a gift to your son, then you will be liable for paying gift taxes. However, there is an annual gift tax exemption of $13,000.
Thanks