Posted on: 29th Nov, 2010 11:41 am
If party #1 quit claims a mobile home on property that party #1 ownes, which will include the property that mobile home is on, to party #2, and if the value is under $50.00, does party #1 have to do a gift tax return?
Hi Betty!
Welcome to forums!
There is an annual gift tax exemption of $1 million. Keeping this fact in mind, the grantor of the property, i.e. party #1 will not have to pay any gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There is an annual gift tax exemption of $1 million. Keeping this fact in mind, the grantor of the property, i.e. party #1 will not have to pay any gift taxes.
Feel free to ask if you've further queries.
Sussane