Posted on: 08th Jan, 2010 09:28 am
in a quit claim deed if the grantor receives money from the settlement of 50% interest in a realestate transfer, is this money taxable?
Hi rachel,
As far as I can understand, the grantor is selling off his share of the property. Thus, the sale price will be considered as his/her income and the person will have to pay taxes on it.
Thanks
As far as I can understand, the grantor is selling off his share of the property. Thus, the sale price will be considered as his/her income and the person will have to pay taxes on it.
Thanks
There is no doubt about it. if seller is earing (selling value more than original investment), he has to pay taxes as well
Hi,
I any settlement deal the amount one save is considered as income and for that income he/she is liable to pay the tax as per the state law.
I any settlement deal the amount one save is considered as income and for that income he/she is liable to pay the tax as per the state law.