Posted on: 21st Nov, 2010 10:48 am
my father filled a quit claim on the house that belonged to my mother and him (i was not on original title) to two grantees, my mother and me, a year ago. he has suddenly passed away. my mother and i live in different states and my mother now wants to sell her house, move to us and buy a condo. i would like to remove my name via quit claim deed in order for her to get enough money to buy something. otherwise i am afraid we have to pay gift taxes from my portion. mortgage is paid off. what type of transfer should i do now?
thanks,
thanks,
Hi Guest,
You can quitclaim your share of the property to your mother. However, if it's a gift transfer, then you will be liable for paying gift taxes. You should contact an attorney and check out how you can transfer the property to your mother in order to not pay the gift tax.
You can quitclaim your share of the property to your mother. However, if it's a gift transfer, then you will be liable for paying gift taxes. You should contact an attorney and check out how you can transfer the property to your mother in order to not pay the gift tax.