Posted on: 21st Jul, 2009 05:38 pm
I'm looking for clarification for Quitclaim Deeds. I have 1/2 interest in a piece of property shared with my sister - we inherited
the property when my mother died 20 years ago. I want to Quitclaim Deed my 1/2 of the property to my sister for no exchange of money. My 1st question is: 1. Can this be done from sister to sister. 2. Will the property need to be reassessed which will raise the property taxes. 3. If I can't Quit Claim the property to my sister, can I do it to my Daughter. 4.If the value of the property is $125,000.00 would there be personal deductions that could offset any capital gains tax or gift tax. Any help you can give would be greatly appreciated. Thank you.
the property when my mother died 20 years ago. I want to Quitclaim Deed my 1/2 of the property to my sister for no exchange of money. My 1st question is: 1. Can this be done from sister to sister. 2. Will the property need to be reassessed which will raise the property taxes. 3. If I can't Quit Claim the property to my sister, can I do it to my Daughter. 4.If the value of the property is $125,000.00 would there be personal deductions that could offset any capital gains tax or gift tax. Any help you can give would be greatly appreciated. Thank you.
Hi Murray,
You can quitclaim your share of interest in the property to your sister. I don't think the property needs to be reassessed, if you transfer your half interest in the property to your sister. You can quitclaim to anyone you want; it could be your sister or your daughter. If there is no exchange of money involved in the transfer, it will be considered as a gift and you will be required to pay gift tax. However, there are gift tax exemptions, which will help you avoid the burden of taxes.
You can quitclaim your share of interest in the property to your sister. I don't think the property needs to be reassessed, if you transfer your half interest in the property to your sister. You can quitclaim to anyone you want; it could be your sister or your daughter. If there is no exchange of money involved in the transfer, it will be considered as a gift and you will be required to pay gift tax. However, there are gift tax exemptions, which will help you avoid the burden of taxes.