Tax implication when selling property after quit claim deed

Caron · Posted: Fri Aug 11, 2006 10:44 pm Post subject: RE: Gift taxes

Hi Guest,

Your mother will have to pay gift taxes only if the property share which she has sold is worth beyond $12,000. This limit changes from year to year.

Thanks,

Caron.

Guest 0.10 Dollars($)

my mother signed a quit claimed deedpm her house to us in 1999 she recently was put in nursing home. State has now sent us a letter saying they are putting a lein on the house. What does this mean amd can they sell this home even after the quit claim deed was done

Caron · Posted: Sun Oct 15, 2006 8:46 pm Post subject:

Hi Allison,

I think you should enquire with the state officials as to what kind of lien they are putting on the house. A lien is a legal claim against an asset or property if the owner of that asset or property hasn't paid off any debt or financial obligation.

If there is any financial obligation if you have not fulfilled, the persons involved can put a lien on the property and sell it even if it is quit claimed to you. In fact, I feel it would have been better if you could have paid off any debt/obligation against the house after it has been quit claimed to you.

Thanks,

Caron.

Guest 0.10 Dollars($)

My daughter is going to quit claim a house to me. Will I be responsible for the property taxes. Seniors get a discount for taxes. Will I be able to claim the discount with a quit claim deed? In Georgia.

sara · Posted: Mon Nov 05, 2007 4:01 am Post subject: RE: discount on quitclaim taxes

Hi Dot,

Since your daughter qill be quitclaiming the property to you, it will be your responsiblity to pay property taxes if you are the sole owner. If your daughter and you are both on the title, then it will be your joint responsibility.

There are discount or exemptions in property taxes. The Homestead Exemption can help you to exempt yourself from property taxes. But the property should be your primary home.

To avail homestead exemption, you can file for it. There's still much time left for it. After 2005, as per the laws, one can file for the exemption throughout the year when you receive the deed to the property till 1st March of the following year.

You may also check with your local county tax office on how much discount you might get in property taxes as a senior.

Take Care

Guest 0.10 Dollars($)

After a quitclaim is signed, does a former owner of real property remain responsible for delinquent taxes that accrued before the quitclaim?

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Maria,

If the ownership is transferred to the new owner, he is legally responsible for the paying the tax.

Guest 0.10 Dollars($)

I requested a lady bird deed lawyer gave me papers sayng to signquitclaim deed is this the same thing/?

jameshogg

Hi Janice,

Welcome to forums.

Ladybird deed serves the same purpose as a quitclaim. But there are other features of the former. Ladybird deed allows a person transferring ownership to stay on the property till his death and he will be able to sell it also during his lifetime. Know about Ladybird deed in detail.

For quitclaim deed, you may refer to the information available at http://www.mortgagefit.com/quitclaim-deed.html .

Thanks

Guest 0.10 Dollars($)

I want to get property out of my name. Is it better to sell to the party or execute a Quit Claim to a friend of mine?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi shirley,

Welcome to the forum.

If you sell the property you will get some cash but if you quitclaim to your friend you will not get anything. BTW is it a mortgaged property?

Best of luck,
Larry

Caron · Posted: Fri Feb 29, 2008 12:28 am Post subject: RE: sell or quitclaim?

But if you sell Shirley, you may have to pay capital gains tax provided you don't qualify for the exemptions . Again, if you quitclaim, you may have to pay gift tax (as transfer through a quitclaim is often regarded as gift). But again there are exemptions applicable. However, for a simple transfer of interest, a quitclaim is preferable.

Know about Gift tax exemptions .

Good luck

Guest 0.10 Dollars($)

My father and mother died intestate. My father did a quit claim deed over to my sister on my parent's home before their death.
My sister has now sold the house and I had to sign some affidavit stating that she and I were the only children of my parents.
Please advise if I am eligible for at least half of the proceeds from the sale of the house. Are there some type of tax implications if my sister gives me half or does she have to give me annual amounts as a gift?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Renee,

Welcome to the forum.

If your parents have quitclaimed the property to your sister only, then you don’t have any rights on that property. But if now your sister quitclaims half of the property and add you in the deed then you will get half of the ownership to your name.

Regarding tax implication, if you can sell the property in an amount more than you have bought and gain some money, then you will have to pay Capital gain tax on it. Though, you will have 250000 dollars of capital gain tax exemption.

Best of luck,
Larry

Guest 0.10 Dollars($)

I try to apply for a home loan and transfer the loan to my sister in one year if so can I transfer the loan without any problem.Thank

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