Posted on: 06th Sep, 2010 11:58 pm
Under what circumstances will the property I quitclaimed to my family member for the price I acquired be considered a a gift for tax purposes?
Hi irynnie,
As you've sold off the property and received a stipulated amount from the buyer, then the property transfer will not be considered as a gift. It will be considered as a property sale.
Thanks
As you've sold off the property and received a stipulated amount from the buyer, then the property transfer will not be considered as a gift. It will be considered as a property sale.
Thanks