Posted on: 17th Dec, 2008 03:35 pm
Hello, my mother desires to hand down her property in florida to me, there is someone currently renting the home until August of next year, will this fact complicate the quit claim process in anyway? also will she has to pay girft taxes for giving me the house? she lives in the caribbean, will she have to be present to quit claim it to me or can she just sign the papers? thank you
Gus Honders
Gus Honders
Hi Gus,
I don't think your mother will face any problem while quitclaiming the property to you though there are tenants on the property. However, you can inform the tenants about the change of ownership of the property. Yes, I think your your mother will have to pay gift taxes. But there are gift tax exemptions as well. An individual can make gifts up to $12,000 each year and it is not taxable. Moreover there is also a lifetime gifting limit of $1,000,000 is allowed before a gift tax is incurred.
As far as I know, the grantor has to be present at the county recorder's office to notarize and record the deed.
Thanks
I don't think your mother will face any problem while quitclaiming the property to you though there are tenants on the property. However, you can inform the tenants about the change of ownership of the property. Yes, I think your your mother will have to pay gift taxes. But there are gift tax exemptions as well. An individual can make gifts up to $12,000 each year and it is not taxable. Moreover there is also a lifetime gifting limit of $1,000,000 is allowed before a gift tax is incurred.
As far as I know, the grantor has to be present at the county recorder's office to notarize and record the deed.
Thanks