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jhj1023 · Joined: 12 Oct 2009 Posts: 1 1.32 Dollars($)

what are the tax implications to a quick claim deed property to the person receiving the property

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

At the time of getting the property, there may be just the property taxes.

But when you sell the house, you will have to pay captial gain taxes

smithsussane · Posted: Mon Oct 12, 2009 9:17 pm Post subject:

Hi jhj!

Welcome to forums!

Once you become the owner of the property, you would definitely be responsible for paying the property taxes. Apart from this, when you sign the deed for property transfer, you would be responsible for paying the deed taxes and other related fees. Also, you will have to transfer the mortgage in your name and pay off the mortgage dues.

Feel free to ask if you've further queries.

Sussane

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

how atre property taxes calculated, does it depend on the value of the house?

gmakerley · Posted: Mon Oct 19, 2009 9:16 pm Post subject:

as a general rule, the value of the home will be used as the basis for taxation, depending, of course, on the budget of the municipality or county (or whatever government applies). revaluation is done periodically to reset values to current market, for better or worse.

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

Especially in this market, most of them have revalued the property value and probably most of them are reduced

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