Posted on: 22nd Feb, 2010 10:36 am
if i receive my mothers house by a quit claim deed, will she owe a gift tax and will i owe federal or state(ga) income tax? the property is worth about $35,000.
Hi Charles,
It is true that if your mother transfers the property to you as a gift, then she would be responsible for paying for the gift taxes. However, I don't think you would be liable for income tax. I would suggest you to speak to your tax adviser in this regard and take his opinion.
Thanks
It is true that if your mother transfers the property to you as a gift, then she would be responsible for paying for the gift taxes. However, I don't think you would be liable for income tax. I would suggest you to speak to your tax adviser in this regard and take his opinion.
Thanks