Posted on: 14th Sep, 2010 09:53 pm
if people use quitclaim deed to transfer ownership of a property,can they avoid to pay the sale tax?
Hi ccprat,
If you're transferring the property to someone as a gift, then you won't be liable for a sales tax. Rather, the grantor or the person selling the property will have to pay gift taxes. However, there is a lifetime gift tax exemption of $1 million.
Thanks,
Jerry
If you're transferring the property to someone as a gift, then you won't be liable for a sales tax. Rather, the grantor or the person selling the property will have to pay gift taxes. However, there is a lifetime gift tax exemption of $1 million.
Thanks,
Jerry