Posted on: 29th Jul, 2008 01:31 pm
Quit Claim to our son and daughter in law, we are on title.
My husband and I are both on the title along with my son and daughter in law. If we quit claim to son and d.inlaw; they are selling house, do we have any tax liability or is loan due immediately through lender?
My husband and I are both on the title along with my son and daughter in law. If we quit claim to son and d.inlaw; they are selling house, do we have any tax liability or is loan due immediately through lender?
as listed above
Hi Lupe.
Welcome to the forum.
If you quitclaim to your son and daughter in law then you may have to pay gift tax.
Presently the gift tax exemption limit is $12000 per annum. So if your share of the property value is less than $12,000 then you need not to pay gift tax.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
If you quitclaim to your son and daughter in law then you may have to pay gift tax.
Presently the gift tax exemption limit is $12000 per annum. So if your share of the property value is less than $12,000 then you need not to pay gift tax.
Feel free to ask if you have any further questions.
Best of luck,
Larry