Posted on: 06th Dec, 2010 07:53 am
2 brothers own 2 parcels of land. They executed quit claim deeds with reservations of life estate of the 2 parcels. Is there a gift tax involved with this kind of transfer?
Hi bscoffey!
Welcome to forums!
If the property was transferred as a gift, then the brothers will be liable for paying gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property was transferred as a gift, then the brothers will be liable for paying gift taxes.
Feel free to ask if you've further queries.
Sussane