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We are going to Quit claim deed my house to remove my mother

Posted on: 26th Jan, 2010 04:25 pm
we are going to quit claim deed my house to remove my mother from the deed- i have lived in the house 15 years and handle all taxes-insurance-repairs. will either of usowe either state(nc) or fed taxes after quit claim deed?...i have lived in the house 15 years-pay all costs involved. value is approx 400.000. i am getting married and want to add husband. there is an equity line we (husband and i) will refinance and paythis. i am going to attorney to have this done but keep getting different answers about the taxes and mom is very worried over this. will ther be taxes due? from her? or us?
Hi karenavon,

Your mother will have to sign a quit claim deed and transfer the property to you and your husband. If it's a gift transfer, then she would be responsible for paying the gift taxes. However, there are certain gift tax exemptions available. To know more about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114

Thanks
Posted on: 26th Jan, 2010 06:57 pm
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