Posted on: 18th Feb, 2011 06:40 am
I quitclaim deeded property to my daughter last year. If she sells the property to pay off my debts and some that I owe her and purchase another property will she be taxed. We live in Missouri. Is there a gift tax law here to where she will have to file anything?
Hi rcrowell,
If your daughter sells off the property and gains profit from it, then she will be liable for paying the capital gains tax on the profit received from the sale of the property. As you gifted the property to your daughter, you will be liable for paying gift taxes.
Thanks
If your daughter sells off the property and gains profit from it, then she will be liable for paying the capital gains tax on the profit received from the sale of the property. As you gifted the property to your daughter, you will be liable for paying gift taxes.
Thanks