Posted on: 04th Dec, 2009 10:46 am
A number of years back, my nephew quit claimed a property to me after he lost his job. I now want to return the property to him also via quit claim. Are there any tax implications to me of this? What if I add him to the title instead where we each jointly own? What are tax implications of this?
Hi mclbmw,
If you are transferring the property to your nephew as a gift, then you may be liable to pay the gift taxes. You can definitely add your nephew to the quit claim deed as a joint owner. You should note that there are some exemptions in case of gift taxes. To know more about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
If you are transferring the property to your nephew as a gift, then you may be liable to pay the gift taxes. You can definitely add your nephew to the quit claim deed as a joint owner. You should note that there are some exemptions in case of gift taxes. To know more about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks