Posted on: 29th Dec, 2010 08:42 am
I own 1/3 of my daughter's house. If a quit claim my share of the3 property to her, so I am not on the loan nor the title, will she have to pay taxes on the value just like if it was a gift? What about if the property has lost 1/3 of it's value?
Hi Guest!
Welcome to forums!
As you will be gifting your share of the property to your daughter, you will be liable for paying the gift taxes. However, there is an annual gift tax exemption of $13,000. If the property value that you transfer to your daughter is within $13,000, then you won't be liable for paying the gift tax.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you will be gifting your share of the property to your daughter, you will be liable for paying the gift taxes. However, there is an annual gift tax exemption of $13,000. If the property value that you transfer to your daughter is within $13,000, then you won't be liable for paying the gift tax.
Feel free to ask if you've further queries.
Sussane