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 Caron |
Hi,When your brother signs on a quitclaim deed and gives up any interest on property over to you, the ownership rights will pass on to you itself. The 12, 000 property value implies the value of the property which your brother will transfer to you. What I meant was that, if the property transferred to you is worth $12,000 or less, then it will be regarded as gift and hence your brother will not have to pay any gift tax provided he charges you no money or a certain amount much less than the current market value. In case you have any query, please put it forward. There has been some error in the system which is why I could not track your quick message. And hence the delay. Good luck | ||||
