Posted on: 28th Mar, 2011 10:45 am
I am giving my son 50% of my home as a gift and not receiving any money for the gift. On the Quitclaim deed there is a question Documentary Tax, do I leave this line blank?
Hi LauraLarraine!
Welcome to forums!
You need to pay certain sum of money as documentary tax. You should contact your real estate attorney and he will help you in filling out the deed including the question about documentary taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You need to pay certain sum of money as documentary tax. You should contact your real estate attorney and he will help you in filling out the deed including the question about documentary taxes.
Feel free to ask if you've further queries.
Sussane
Hi LauraLarraine,
Welcome to Mortgage fit,
Documentary taxes are those which are ought to pay by any person who wishes to sign a quitclaim deed (or for that matter any legal document ) irrespective whether he/she has got an exemption in gift tax or not...these are the minimal tax charges which may vary from $5-$ 50...So I don't find any reason to avoid paying it...(rather you just can't avoid it..If you do so,your deed will not be recorded )
Feel free to ask any further query if you have.....
DIPA
Welcome to Mortgage fit,
Documentary taxes are those which are ought to pay by any person who wishes to sign a quitclaim deed (or for that matter any legal document ) irrespective whether he/she has got an exemption in gift tax or not...these are the minimal tax charges which may vary from $5-$ 50...So I don't find any reason to avoid paying it...(rather you just can't avoid it..If you do so,your deed will not be recorded )
Feel free to ask any further query if you have.....
DIPA