Posted on: 21st Feb, 2011 05:08 pm
My parents quick claimed their house to me in April of 2010 and we are now looking at selling this house. Will I have tax implications or can I quick claim back to my parents?
Welcome nancymath,
If you gain profit by selling off the property, then you'll be liable for paying the capital gains taxes. If you give back the property to your parents as a gift, then you will be liable for paying gift taxes.
If you gain profit by selling off the property, then you'll be liable for paying the capital gains taxes. If you give back the property to your parents as a gift, then you will be liable for paying gift taxes.