Posted on: 05th Nov, 2009 01:30 pm
we are looking to 'purchase' 5 acres from my husbands grandmother and will be doing so with a quit claim deed. grandma does not want money to be exchanged, but i am afraid of the gift tax or other tax's if no money is involved.
can you tell me what amount we should purchase the property for in order to simply change ownership and for us to assume the yearly property taxes? we do not want us nor grandma to be taxed in any other way.
can you tell me what amount we should purchase the property for in order to simply change ownership and for us to assume the yearly property taxes? we do not want us nor grandma to be taxed in any other way.
Hi zehneramanda,
It is true that if your grandmother transfer the property as a gift, then she would become liable for the gift taxes. However, there are certain gift tax exemptions as well. In order to know more about gift tax exemptions, check out the given page:
http://www.mortgagefit.com/gift.html#111114
It is true that if your grandmother transfer the property as a gift, then she would become liable for the gift taxes. However, there are certain gift tax exemptions as well. In order to know more about gift tax exemptions, check out the given page:
http://www.mortgagefit.com/gift.html#111114