Posted on: 08th Sep, 2008 09:44 am
My husband and I own a piece of property that is paid off and we want to quit claim it to his grandmother as a gift for all she has done for us. Will she have to apy taxes on it? ANd if she ever wants to give it back would we pay taxes on it?
No, your husband's grandmother will not have to pay taxes on any gifted property. Rather you being the donor needs to pay tax if and only if you don't qualify for gift tax exemptions .
Thanks.
Thanks.