Financial Obligations for Transfer

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Financial Obligations for Transfer

dipaligopale

Posted on: 16th Aug, 2010 07:21 am

My mother in law is gving us 8 acres of property in NY in the Adirondack Park- we are doing a quitclainm deed. We are paying her $100. Are we liable for any type of gift tax and such?? We will be building a family retreat there.

Total Reply : 1

Hi clgolden

Welcome to mortgagefit

Surely you will be liable to pay the gift tax.For any other complexities related to property you can always consult local attorney.

DIPA

dipaligopale

Posted on: 16th Aug, 2010 08:13 am

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