Posted on: 20th Jan, 2009 10:41 pm
i want to do a quit claim deed to take my name off a propety. will i be liable taxes?...my brother in law, my sister and i own a property in sacramento. i want to prepare a quit claim deed to take my name off the property. will i be liable for any taxes?
Hi vincent
Once you file a quitclaim deed and get it notarized and recorded, you will not be liable for the property taxes. However, there are certain transfer fees and doc stamp fees which you will have to pay when you record the deed.
Thanks.
Once you file a quitclaim deed and get it notarized and recorded, you will not be liable for the property taxes. However, there are certain transfer fees and doc stamp fees which you will have to pay when you record the deed.
Thanks.
I am not concern about the property taxes. I am concern about gift taxes. Will I be liable for any federal or state taxes?
Yes, you will be liable for the transfer taxes but I don't think you will have to pay gift taxes as you are transferring the property.
where do i get one and where do i file it
Hi donnaj!
Welcome to forums!
You'll have to contact a real estate attorney in order to get the deed drafted. You will have to record the deed at the county recorder's office.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You'll have to contact a real estate attorney in order to get the deed drafted. You will have to record the deed at the county recorder's office.
Feel free to ask if you've further queries.
Sussane