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 jhj1023
Joined: 12 Oct 2009
Posts: 1
1.32 Dollars($)
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 Posted: Mon Oct 12, 2009 10:22 am Post subject: quick claim deed |
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| what are the tax implications to a quick claim deed property to the person receiving the property |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Mon Oct 12, 2009 8:09 pm Post subject: |
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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 |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Mon Oct 12, 2009 9:17 pm Post subject: |
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Hi jhj!
Welcome to forums!
Once you become the owner of the property, you would definitely be responsible for paying the property taxes. Apart from this, when you sign the deed for property transfer, you would be responsible for paying the deed taxes and other related fees. Also, you will have to transfer the mortgage in your name and pay off the mortgage dues.
Feel free to ask if you've further queries.
Sussane |
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thewretched02
Joined: 23 Jun 2009
Posts: 115
23.90 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Mon Oct 19, 2009 9:16 pm Post subject: |
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as a general rule, the value of the home will be used as the basis for taxation, depending, of course, on the budget of the municipality or county (or whatever government applies). revaluation is done periodically to reset values to current market, for better or worse.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Fri Oct 23, 2009 12:48 pm Post subject: |
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| Especially in this market, most of them have revalued the property value and probably most of them are reduced |
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