quitclaim

Posted on: 01st Sep, 2010 03:58 am

I own a home with my parents. All three of us are on the deed with me being half owner. I intend on signing the deed over to them. I understand a quitclaim deed maybe the best way to do this. My question is: will I be responsible for capital gains taxes now or in the future?

Total Reply : 7

Hi lark!

Welcome to forums!

Unless you make a profit from the sale of the property, you won't be liable for the capital gains taxes now. If you transfer the property to someone else, then they become the owner of the property. If they sell off the property, then they would be liable for the capital gains taxes.

Feel free to ask if you've further queries.

Sussane

smith.sussane

Posted on: 02nd Sep, 2010 02:01 am

Thanks for your response. When you say that I won't be liable for the captial gains now, does that mean that, at some time in the future, I will be liable for capital gains tax?

Anonymous

Posted on: 10th Sep, 2010 07:04 am

Hi Guest,

If you don't make profit from the sale, you won't be liable for capital gains taxes ever. The capital gains taxes will be charged only when you make any profit from the sale.

Thanks

jameshogg

Posted on: 11th Sep, 2010 12:41 am

And it would not matter if the quitclaim was done in 2010 or 2011? There are no gift tax implications? Thanks!

lark48

Posted on: 11th Sep, 2010 06:43 am

it won't matter whether the quit claim deed was signed in 2010 or 2011. if there's no profit from the property sale, there would be no capital gains taxes. however, if the person transferring the property is giving it as a gift, then he or she would be liable for gift taxes. however, there is a lifetime gift tax exemption of $1 million.

Niicss

Posted on: 13th Sep, 2010 03:43 am

I appreciate these very helpful responses. Thank you.

Anonymous

Posted on: 13th Sep, 2010 03:56 am

You're welcome! Guest :-)

smith.sussane

Posted on: 13th Sep, 2010 09:57 pm