if a falimly member quitclaim deed to anouther family member and that family member wants to sell wheres does the capital gains start ????

hi gokamoto,

when a property is transferred using a quit claim deed, the grantee will receive the property interest at the same cost basis that the home owner had bought it for. thus, when the grantee sells the property which he/she had received through a quit claim deed, he/she will owe capital gains taxes which will be calculated using the previous owner's cost basis.

thanks