Posted on: 18th Jul, 2008 07:06 pm
Do you pay a gift tax when a house is quit claimed to you from a parent?
In CT aren't you allowed 10,000 gift exemption per year? Assuming the house is valued more than 10,000 where does a gift tax come into play.
In CT aren't you allowed 10,000 gift exemption per year? Assuming the house is valued more than 10,000 where does a gift tax come into play.
Hello rfilippelli.
As your parents have gifted the property to you, they are entitled to pay the gift tax because they gifting the property to you.
As your parents have gifted the property to you, they are entitled to pay the gift tax because they gifting the property to you.
Welcome rfilippelli.
Gift tax is paid by the Grantor. So your parents will give the gift tax. However the gift tax exemption limit is currently $12000 per year. So if the property value is less than $12000 then your parents need not to pay the gift tax?
Gift tax is paid by the Grantor. So your parents will give the gift tax. However the gift tax exemption limit is currently $12000 per year. So if the property value is less than $12000 then your parents need not to pay the gift tax?