Posted on: 28th Jan, 2011 04:14 am
if my daughter quit claims a house to me and i sell it for less than it was purchased do i have any taxes that i have to pay?
Hi leaskjr,
If you do not make any profit from the sale of the property, then you won't be liable for paying any taxes. However, if your daughter has transferred the property to you as a gift, then she will be liable for paying gift taxes.
If you do not make any profit from the sale of the property, then you won't be liable for paying any taxes. However, if your daughter has transferred the property to you as a gift, then she will be liable for paying gift taxes.
can my daughter trnasfer the property to me with out it being a gift?
Hi leo,
If you purchase the property from your daughter and mention a sale price in the property deed, then your daughter won't be responsible for paying any gift taxes.
Thanks
If you purchase the property from your daughter and mention a sale price in the property deed, then your daughter won't be responsible for paying any gift taxes.
Thanks