Posted on: 26th Jun, 2010 08:08 am
What happens if you win a home? How much is gift tax on a house valued at $400,00.00? Does the foundation then do a quick claim deed if you accept? What else would you be responsible for?
Hi tac,
If you win a home, then the foundation will sign a quit claim deed/warranty deed and transfer the property to you. If the property has been transferred to you as a gift, then the person giving the gift will be responsible for paying the gift taxes. You won't be liable for paying the gift taxes. However, after you get the property transferred in your name, you would be liable for the maintenance of the property, pay the insurance premiums and property taxes.
Thanks
If you win a home, then the foundation will sign a quit claim deed/warranty deed and transfer the property to you. If the property has been transferred to you as a gift, then the person giving the gift will be responsible for paying the gift taxes. You won't be liable for paying the gift taxes. However, after you get the property transferred in your name, you would be liable for the maintenance of the property, pay the insurance premiums and property taxes.
Thanks