Posted on: 17th Aug, 2010 11:17 am
I want to quitclaim a house to my son, there is no mortgage on the house. What will the cost basis of the house be if my son eventually sells it?
Hi Floridaguy,
If your son is buying the property from you, then the purchase price at which buys it will be considered as the cost basis if he sells off the property. If you gift the property to him, then I guess the price at which you purchased the property will be considered as the cost basis.
Thanks
If your son is buying the property from you, then the purchase price at which buys it will be considered as the cost basis if he sells off the property. If you gift the property to him, then I guess the price at which you purchased the property will be considered as the cost basis.
Thanks