Posted on: 20th Jul, 2009 08:06 pm
we both own your own house. clear.will there be any taxes or capital gain?
Hi idare,
The ownership of the house can be transferred through a quitclaim deed. If you transfer the house as a gift, you will not be required to pay capital gains tax because you do not gain anything from the transaction. But you will have to pay gift tax. However, you can avail gift tax exemption and avoid paying a huge amount of taxes.
The ownership of the house can be transferred through a quitclaim deed. If you transfer the house as a gift, you will not be required to pay capital gains tax because you do not gain anything from the transaction. But you will have to pay gift tax. However, you can avail gift tax exemption and avoid paying a huge amount of taxes.