Posted on: 07th Jun, 2009 05:13 pm
If my mother quitclaim deeds her house to me will I have to pay taxes and how does that work? Will it be considered a second home for me if I already own another property? Once she deeds it to me, can I sell it and will I pay taxes then?
Hi sjjackson!
Welcome to forums!
If your mother quitclaims the property to you, then you will not have to pay taxes. But she will have to pay gift taxes on it. However, you may be responsible for the property taxes. If you own another property, then this home will be considered as your secondary home. If you sell off the property, then you will have to pay capital gains tax. This will depend upon the profit you make from selling off the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If your mother quitclaims the property to you, then you will not have to pay taxes. But she will have to pay gift taxes on it. However, you may be responsible for the property taxes. If you own another property, then this home will be considered as your secondary home. If you sell off the property, then you will have to pay capital gains tax. This will depend upon the profit you make from selling off the property.
Feel free to ask if you have further queries.
Sussane
Hello Everybody :D ,
Hi Smith, I liked your suggestion for that.
After your mother signer quitclaim deed on your name then you are the owner of that property but you are not responsible to pay taxes but you are responsible as property owner.As smith says your mother needs to pay gift taxes because she was the owner of property & she recently transferred it to your name.
If you sold out this property the you must have to pay taxes. Tax ammountt will be depend on your profit in house deal.
Thank you so much,
Daniel Corral. :D
Hi Smith, I liked your suggestion for that.
After your mother signer quitclaim deed on your name then you are the owner of that property but you are not responsible to pay taxes but you are responsible as property owner.As smith says your mother needs to pay gift taxes because she was the owner of property & she recently transferred it to your name.
If you sold out this property the you must have to pay taxes. Tax ammountt will be depend on your profit in house deal.
Thank you so much,
Daniel Corral. :D
yes, you are right daniel.
sjjackson, just ensure that deed is notorized otherwise it is not legal
sjjackson, just ensure that deed is notorized otherwise it is not legal