Posted on: 25th Sep, 2009 06:31 am
My mother is going to quit claim the house that my father bought for us. There is about 2,000.00 in back taxes owed I am just wanting to verify if that is the documentary transfer tax. The house is in poor shape it needs alot of work so what amount of capital gains tax do we pay on a 225,000.00 when is it due and does the fact she is giving it to us count on the 12,000.00 per year It`s My brother and I. Oh i almost forgot when are these monies due.
you will not pay captial gain taxes when teh quit claim deed process happnes, you will have to pay ti when you sell the house
you will be answeable for property tax payments. By quit calim deed one is not gainig any thing. Real cash flow happens only when it will be sold
You have to pay taxes.