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What is the tax consequence to me now?

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violetdin Joined: 11 May 2011 Posts: 1 1.29 Dollars($)	Posted: Wed May 11, 2011 2:39 pm    Post subject: What is the tax consequence to me now? Like 0 Dislike 0 My name was already included in the property deed when we purchased the house in Chicago for my parents. However, last year both my parents filed a Quitlclaim form to remove their names on the deed which left only my name on the title deed. Do I need to file any tax form or pay any taxes with the IRS or state as a result of this quitclaim? Thanks for your help.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed May 11, 2011 9:35 pm    Post subject: Like 0 Dislike 0 Hi violetdin! Welcome to forums! You may be liable for paying taxes. You should contact a CPA or a tax adviser and take his/her opinion in this matter. Feel free to ask if you've further queries. Sussane

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