Gift Warranty Deed and Paying Taxes on Sale of Property
Gift Warranty Deed and Paying Taxes on Sale of Property
Before my father passed away, he signed over the deed to our house to all his five (5) children through a Gift Warranty Deed.
We are going to sell the property, however, once it has been sold, are we taxed on the sale even though the property was a gift?
Please advise.
Thank you.
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