Posted on: 28th Oct, 2010 02:36 pm
my mother is wanting to do a quit claim deed to me as a gift with noting on the quit claim deed "reserving onto the grantor a life estate", the property is paid in full with no balances owed. the property value is $232,000. what are my tax implications? will i owe tax on the $232,000 as income?
thank you,
peter
thank you,
peter
Hi pheines!
Welcome to forums!
If your mother is transferring the property to you as a gift, then she will be liable for paying gift taxes. Apart from this, you'll be liable for paying for the maintenance of the property, homeowner's insurance, etc.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your mother is transferring the property to you as a gift, then she will be liable for paying gift taxes. Apart from this, you'll be liable for paying for the maintenance of the property, homeowner's insurance, etc.
Feel free to ask if you've further queries.
Sussane