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Tax Implication of a quitclaim loan

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Ray Schrumpf Guest	Posted: Mon May 09, 2011 1:25 pm    Post subject: Tax Implication of a quitclaim loan Like 0 Dislike 0 If I quick claim my share of a house that I own with another partner - will I have any tax benefit or liability if the house is subsequently sold by my current partner for a gain or a loss?
smithsussane Joined: 18 Sep 2008 Posts: 10430 Location: Alaska 984.35 Dollars($)	Posted: Mon May 09, 2011 9:55 pm    Post subject: Like 0 Dislike 0 Hi Ray! Welcome to forums! If you sign a quitclaim deed and transfer your share of the property as a gift, then you will be liable for paying the gift taxes. But later on, if the other partner sells off the property, you won't be liable for paying any taxes for a gain or a loss. Feel free to ask if you've further queries. Sussane

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