Posted on: 01st Jan, 2011 11:55 am
I want to quit claim a home that I own to my daughter to avoid tax values even though its worth less than 15000 - I paid 14000 for it
Will the IRS accept that?
Will the IRS accept that?
Welcome wds,
You can quitclaim the property to your daughter but you'll be liable for paying gift taxes. However, there is an annual gift tax exemption of $13,000. If the property that you're transferring is of $13,000 or less, then you won't be liable for paying gift taxes.
You can quitclaim the property to your daughter but you'll be liable for paying gift taxes. However, there is an annual gift tax exemption of $13,000. If the property that you're transferring is of $13,000 or less, then you won't be liable for paying gift taxes.