Posted on: 29th Dec, 2010 04:52 pm
We live in Arizona and our father would like to quit claim a house to my brother and to myself. What happens after? Are we just responsible for the the taxes on each property or will there be other fees to pay, and is there a capital gains tax on them and for how long?
Hi Nae!
Welcome to forums!
If your father transfers the property to you and your brother as a gift, then he will be liable for paying the gift taxes. If he sells off the property to both of you, then he will be responsible for paying the capital gains taxes. However, you and your brother will be responsible for paying the property taxes and insurance premiums apart from the mortgage payments, if any.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your father transfers the property to you and your brother as a gift, then he will be liable for paying the gift taxes. If he sells off the property to both of you, then he will be responsible for paying the capital gains taxes. However, you and your brother will be responsible for paying the property taxes and insurance premiums apart from the mortgage payments, if any.
Feel free to ask if you've further queries.
Sussane