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Capital Gains tax on a property received under a quick claim

Posted on: 01st Apr, 2011 07:43 am
Hi. Back in 2006 my wife received her mothers property in a quick claim deed transaction. We have been paying all expenses for the house since then. We are about to sell the property now. Is the value of the house determined as of the date of the quick claim deed for determining what the capital gains are for us to pay tax on??
Hi Sonny,

As the property will be sold off now, the capital gains taxes will depend upon the value of the property now.

Thanks
Posted on: 03rd Apr, 2011 10:43 pm
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