Posted on: 17th Jul, 2012 08:46 pm
My parents deeded a piece of property to my sister, brother and myself many years. Since then my father has passed away and my brother and his wife cares for my invalid mother. My sister and I wish to quit claim this property to my brother since he and his wife have devoted themselves to the care of our mother. Will there be any tax liability resulting from this action? Thank You
Hi Teddysplace,
If you gift the property to your brother, then you will be liable for paying gift taxes. Contact a tax adviser and he will assist you in this regard.
If you gift the property to your brother, then you will be liable for paying gift taxes. Contact a tax adviser and he will assist you in this regard.
Hi Teddysplace!
Welcome to forums!
Apart from the gift taxes, you may also be liable for deed transfer fee, deed recording fee, etc.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Apart from the gift taxes, you may also be liable for deed transfer fee, deed recording fee, etc.
Feel free to ask if you've further queries.
Sussane