Posted on: 26th Dec, 2008 04:59 pm
My mother owns free and clear a $120,000 condo that she wants to quit claim to me. Will a gift tax be charged if she quit claims it to me?
Hi mbillmeier!
Welcome to forums!
Yes, she will have to pay a gift tax. However, there is a gift tax exemption of $12,000 per person per year. So she will exempted from paying a gift tax on $12,000. She will have to pay a gift tax on the rest of the amount.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, she will have to pay a gift tax. However, there is a gift tax exemption of $12,000 per person per year. So she will exempted from paying a gift tax on $12,000. She will have to pay a gift tax on the rest of the amount.
Feel free to ask if you have further queries.
Sussane