Posted on: 22nd Mar, 2009 02:05 pm
i made a quit claim deed of my home. i continued paying the mortgage. after that, the grantee sold the property and got capital gains form it. do i have any taxables capital gains to the irs for the sale of the property?
Hi feresago,
I don't think you have any taxable capital gains to the IRS. The reason is when you quitclaimed the property, you gave up your interest in it. After the deed was signed, the grantee became the owner of the property and when he sold the property, it was he who gained the profit, not you. Thus, he has to pay the taxes, not you.
I don't think you have any taxable capital gains to the IRS. The reason is when you quitclaimed the property, you gave up your interest in it. After the deed was signed, the grantee became the owner of the property and when he sold the property, it was he who gained the profit, not you. Thus, he has to pay the taxes, not you.