Posted on: 18th Apr, 2011 12:12 pm
a frind has put in his will that my wife will get his home when he dies .would it be better and tax free to make out a quit claim deed
Hi imakernal!
Welcome to forums!
After your friend's death, your wife will have to probate the will in order to get the property transferred in her name. It will be a better option if your friend signs a quitclaim deed and transfers the property to her. As far as taxes are concerned, it will be better to contact a CPA in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After your friend's death, your wife will have to probate the will in order to get the property transferred in her name. It will be a better option if your friend signs a quitclaim deed and transfers the property to her. As far as taxes are concerned, it will be better to contact a CPA in this matter.
Feel free to ask if you've further queries.
Sussane
Hi imakernal ,
Welcome to mortgagefit,
As far as tax issues are concerned,you need to get it confirmed from the friend whether he/she has used the lifetime $ 1 million gift free tax quota yet or not? if not then surely you will be able to claim that tax free upto $ 1 million.
Feel free to ask any further query if you have.........
DIPA
Welcome to mortgagefit,
As far as tax issues are concerned,you need to get it confirmed from the friend whether he/she has used the lifetime $ 1 million gift free tax quota yet or not? if not then surely you will be able to claim that tax free upto $ 1 million.
Feel free to ask any further query if you have.........
DIPA