If you have already transferred the property in your sister's name with the help of a quitclaim deed, then your sister needs to refinance in order to transfer the mortgage in her name.
Thanks,
Jerry
Goldie Guest
Posted: Thu Jan 08, 2009 8:16 pm Post subject:
My dad put the house in a living trust and also prepared a quit claim deed for to transfer upon his death. The house is paid off. Will I have to pay Federal income tax in the transfer of the house?
When the property gets transferred in your name, you will have to pay transfer taxes on it. As you are inheriting the property from your father, you will also have to pay inheritance taxes. You can consult a tax adviser and take his opinion in this issue _________________ Procrastination is the enemy of your financial sucess
Hunt4Truth Guest
Posted: Sat Jan 24, 2009 9:48 am Post subject: Gift tax and Quit claim deeds
My Mom Quit claimed her property into both my name (son) and her name with full rights of survivorship. Upon her death, will I have to pay gift tax? If she lives for 10 more years, will I have to pay a gift tax if the property is currenty worth $120K?
Guest
Posted: Sun Jan 25, 2009 11:42 pm Post subject:
As you have rights to survivorship, I don't think you will require to pay gift tax when you accquire the property after her death.
Judy Huff Guest
Posted: Wed Mar 25, 2009 10:45 am Post subject: Quit Claim Deed
I have Quit Claim Deeded a mobile home + land to my daughter. I have two questions. 1) For this gift transfer do I have any income tax implications? I purchased two years ago and fixed up and took deductions for repairs on income tax as rental property. Now have Deeded it over to daughter. what happens on my income tax to this asset? It is just dead or how do I show it removed? 2) If daughter sells proerty does she have any income tax implications? If yes, How do you place value on a gift? Thanks for your time. Judy
Ana Guest
Posted: Wed Mar 25, 2009 10:43 pm Post subject:
Judy...If you have gifted the property to your daughter, then you'll have to pay gift tax for this transfer. As the property has been transferred to your daughter, she will have to pay taxes for that property. If your daughter sells the property she'll have to pay capital gains tax.
Assistance Guest
Posted: Tue May 12, 2009 10:04 am Post subject: Gift Taxes For Quit-Claim
What gift taxes do you have to pay for property quick claimed to you? If any, when do they have to be paid?
jane Guest
Posted: Thu Jun 18, 2009 8:29 pm Post subject: transfer and quitclaim
I and a cousin own 1/3 interest my mothers house but now we wont to quit
claim full interest since we have been paying her taxes and repairs, insurance.My mother is incompetent to take care of her affaires and is in
a convalesant place and an medical. Is this possible to do. the house is assessed at 25,000.
dankennedy Guest
Posted: Sat Aug 01, 2009 3:19 pm Post subject: gifttax on quit claim deed
If I quit claim a deed with $100000 mortgage and the value of the home
is $120,000 will the grantee pay gift tax on $20,000 or $120000
As far as I know, you do not need to pay gift tax when you receive a piece of property as a gift. It is the grantor (the person transferring the property) who needs to pay the gift tax. As a grantee, you are free from paying any gift tax.
Hi Jane,
I believe it is quite possible for you and your cousin to quitclaim the property. You can sign the deed as grantors and transfer your property ownership to the grantee. After you sign the deed, make sure it is notarized and recorded with the county clerks office. Without proper notarization and recordation, the transfer will not be considered valid.
Hi dankennedy,
The gift tax amount depends on the value of the property. It does not depend on the mortgage owed on the property. So, if the property is valued at $120,000, the gift tax will be calculated on this amount. However, the entire amount of $120,000 is not taxable. There are gift tax exemptions available. The annual gift tax limit for 2009 has been increased to from $12,000 to $13,000 per person, per year.
skeptical Guest
Posted: Tue Aug 18, 2009 2:21 pm Post subject: signing a quit claim while name is still on mortgage laon
Daughters ex-husband is selling their home and needs her to sign a quit claim deed, before he can complete sale. Her name is still on mortgage loan, until sale goes through & he pays off loan. Is there any way to protect her liability in signing quit claim?
Once your daughter signs the quitclaim deed she'll relinquish all her rights to the property. But her name will be there on the loan. In case, the property is not sold and the mortgage is not paid, her name will remain on the loan. If the house sells for less than what is owed on the property, there will be a deficiency for which the lender can come after your daughter.
The only way to protect her from the liability of the mortgage would be to get it in writing from her ex that he'd sell the property and pay off the mortgage. But if there's a default on the loan, her credit cannot be protected.
jerry
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