Posted on: 27th May, 2010 05:04 am
Mother wants to transfer ownership to son by using quit claim. Son will then refi to remove her from mortgage. Will mom ever have to pay capital gains since transfer of ownership took place in this manner? will become responsible for paying mothers owed capital gains when he sells?
Hi AMD!
Welcome to forums!
If the mother sells the property to the son and gets a profit from it, then she would be responsible for the capital gains taxes. If the son sells the property later on, then he will be liable for the capital gains taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the mother sells the property to the son and gets a profit from it, then she would be responsible for the capital gains taxes. If the son sells the property later on, then he will be liable for the capital gains taxes.
Feel free to ask if you've further queries.
Sussane