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gferr001 · Joined: 12 Sep 2009 Posts: 1 1.43 Dollars($)

My elderly parents own a condo worth around $90,000 or so. My father has Alzheimer and my 87 year old mother is taking care of him. In the very near future I will have to take over and move them in with me. Being a nurse I feel I could handle the situation and I adore my parents. I have power of attorney and my name is on the will for inheritance. However, I am thinking that a quitclaim deed for their condo might be a better legal move. I will have to sell their condo as soon as they move in with me. The HOA only allows us to rent for one year. Is a quitclaim deed on a condo considered a gift? And would I have to pay a special gift tax and what would the amount be? Right now they only pay a bit over $200 for property tax, would that be reassessed and increased if it is quitclaimed to me? They make too little money and do not have to file Income Tax. One more questions, would I also have to pay Capital Gain Tax? Thank you for the info.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You are correct you cna do quit claim deed or warranty deed

Quit claim deed will not result in in any tax implications. Probably you have to pay the captial gain taxes when you sell the house

jheard · Posted: Sun Sep 13, 2009 10:28 am Post subject:

Just sell the condo and put the funds in your parents' account over which you have an POA.

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Would I have to pay a gift tax and would the property tax increase?Also what about a capital gain tax?