Posted on: 12th Jun, 2008 01:48 pm
my mother wants to give me two houses. use to be homestead, but no longer is. can she quit claim deed the property to me, and if so would i still have to pay the gift tax at the time of exchange. the property is valued at about 100,000.00 and there is no mortgage on the property.
thanks,
gb
thanks,
gb
Hi GB.
Welcome to the forum.
You need not to pay the gift tax. Your mother can quitclaim the property to you and she will have to pay the gift tax. The annual gift tax exemption limit per person is $12000.
Best of luck,
Larry
Welcome to the forum.
You need not to pay the gift tax. Your mother can quitclaim the property to you and she will have to pay the gift tax. The annual gift tax exemption limit per person is $12000.
Best of luck,
Larry
There are also other gift tax exemptions available, and ways to avoid paying the gift tax. Check with your accountant or an estate planning attorney.
