Posted on: 14th Apr, 2010 06:36 pm
As the Executor of my mothers estate, I came across a Quit claim naming her two daughters, her son and herself as grantees of her home and recorded with the County. When we go to sell the house will taxes be owed on the sale price? What is considered the base cost for determining the gain? We have no idea what was paid for the original property and improvements.
Hi Guest,
As far as I know, the capital gains taxes would depend upon the profit that the heirs make from the sale of the property. The original price when the property was purchased by your mother will be considered as the base for determining the gain.
As far as I know, the capital gains taxes would depend upon the profit that the heirs make from the sale of the property. The original price when the property was purchased by your mother will be considered as the base for determining the gain.
when a quit claim deed is executed and filed, what kind of taxes have to be paid?
Hi jean,
You will have to pay deed recording fees, attorney fees, transfer fees etc. The person who becomes the owner of the property will become liable for all the fees and taxes associated with a property.
Thanks
You will have to pay deed recording fees, attorney fees, transfer fees etc. The person who becomes the owner of the property will become liable for all the fees and taxes associated with a property.
Thanks