Posted on: 02nd Apr, 2012 03:44 pm
My father quit claimed a completely paid off house to me. (approximate value 170K) but no money changed hands.
Now, does the government collect a gift tax from me?
Are there any tax assesments before the actual sale of the property?
Now, does the government collect a gift tax from me?
Are there any tax assesments before the actual sale of the property?
Hi Noidea!
Welcome to forums!
You won't be liable for gift taxes. However, there are high chances that your father will be liable for paying gift taxes. Nevertheless, you should contact a tax adviser and he will help you further in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You won't be liable for gift taxes. However, there are high chances that your father will be liable for paying gift taxes. Nevertheless, you should contact a tax adviser and he will help you further in this matter.
Feel free to ask if you've further queries.
Sussane
Once the deed is recorded, the new "owner" will start receiving bills for the property taxes and other municipal assessments. The new owner may also have to pay a recording fee (tax) to have the deed recorded (typically as a percentage of the stated price).
As for income taxes, that would depend on what value (if any) there was on the property when it was conveyed, which would establish the basis for later calculation of capital gains (if any).
:idea:
As for income taxes, that would depend on what value (if any) there was on the property when it was conveyed, which would establish the basis for later calculation of capital gains (if any).
:idea:
