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 gferr001
Joined: 12 Sep 2009
Posts: 1
1.43 Dollars($)
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 Posted: Sat Sep 12, 2009 6:53 am Post subject: Would I have to pay a gift tax and would the property tax in |
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| 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 $200 for property tax, would that be reassessed and increased if it is quitclaimed to me? They make too little money and do not have to file Income Tax. One more questions, would I also have to pay Capital Gain Tax? Thank you for the info. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Sep 12, 2009 10:04 am Post subject: |
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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 |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Sun Sep 13, 2009 10:28 am Post subject: |
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Just sell the condo and put the funds in your parents' account over which you have an POA.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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