Posted on: 12th Feb, 2010 07:05 am
My grandma house is paid for and she wants to quit claim the deed in my name. Would that be the same as a gift or are there any penities and/or taxes I should be worry about?
Welcome Guest,
If the property is being transferred to you as a gift, then your grandmother will be liable to pay the gift taxes. However, there are certain exemptions regarding gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
If the property is being transferred to you as a gift, then your grandmother will be liable to pay the gift taxes. However, there are certain exemptions regarding gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114