Posted on: 07th Sep, 2010 02:46 am
My 80 year old mother wants to quit claim her property (valued at approx $200k) to me. I have an existing home and I am concerned about the tax consequences of doing this. She has been in hospital several times in the past year and her health is failing. I am a single mother
with three children and also an only child. What are the tax consequences of quit claiming her property. It is paid for. Thank you!
with three children and also an only child. What are the tax consequences of quit claiming her property. It is paid for. Thank you!
Hi Aj,
If your mother quit claims the property to you as a gift, then she will be liable for paying the gift taxes. However, you will be liable for the maintenance of the house and the property taxes once the property is transferred to you.
Thanks
If your mother quit claims the property to you as a gift, then she will be liable for paying the gift taxes. However, you will be liable for the maintenance of the house and the property taxes once the property is transferred to you.
Thanks