Posted on: 14th Sep, 2009 12:23 pm
I have a deed w/ 2 other siblings. One of my sibling is having financial problems and can no longer pay the mortgage. She would like to transfer her share to me as a gift. How will this be taxed considering that it's not pay off yet?
Probably your siblign need to pay gift tax and you will not need to pay any taxes as of now
Hi llynee,
If your sibling transfers the property to you, then he/she will have to pay the gift taxes. However, there are certain exemptions in case of gift taxes. You can check it out from the following page:
http://www.mortgagefit.com/gift.html#111114
Thanks
If your sibling transfers the property to you, then he/she will have to pay the gift taxes. However, there are certain exemptions in case of gift taxes. You can check it out from the following page:
http://www.mortgagefit.com/gift.html#111114
Thanks