Posted on: 31st Jan, 2011 05:56 pm
hello,
i bought my pad 3 yrs ago - just to be on the safe side, i included my mother in title/deed. she is not a us citizen and doesn't reside here. fast forward 3 yrs, now if she wants to sign a "quit claim deed", what are the tax implications for me - now that i am refinancing and also later when i sell? she probably wouldn't have much tax implications since she doesn't live here.
thanks for any help and advice
ron
i bought my pad 3 yrs ago - just to be on the safe side, i included my mother in title/deed. she is not a us citizen and doesn't reside here. fast forward 3 yrs, now if she wants to sign a "quit claim deed", what are the tax implications for me - now that i am refinancing and also later when i sell? she probably wouldn't have much tax implications since she doesn't live here.
thanks for any help and advice
ron
Welcome ronnieguha,
If your mother transfers the property to you as a gift, then she will be liable for paying gift taxes. If you sell off the property later on and gain a profit from it, then you will be liable for paying capital gains taxes.
If your mother transfers the property to you as a gift, then she will be liable for paying gift taxes. If you sell off the property later on and gain a profit from it, then you will be liable for paying capital gains taxes.
Thanks for your response.. I would have to pay capital gains taxes due after the sale anyway right? So, would it be the same then or is there a difference?
Thanks!
Thanks!