Posted on: 05th Apr, 2009 06:59 pm
I did a quik claim on my mothers house last year and need to know what my tax libilitys are.Owe nothing on the house so if sell it what taxes do i owe.
need to know tax libilitys on a quik claim i did last year with my mom.Owe nothing on the home.If i sell what taxes do I owe.
Welcome rjbirds,
I guess your mother transferred the property to you. In that case, your mother will have to pay gift tax for this transfer. However, if you sell off the property and gain profits, then you'll have to pay capital gains tax.
I guess your mother transferred the property to you. In that case, your mother will have to pay gift tax for this transfer. However, if you sell off the property and gain profits, then you'll have to pay capital gains tax.