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Quit claim deed in Florida - tax implication.

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golfman Guest	Posted: Tue Dec 16, 2008 8:21 pm    Post subject: Quit claim deed in Florida - tax implication. Like 0 Dislike 0 My brother wants to do a quit claim deed on a condo in Florida that our mother is living in. He would like to have her assume the title for the condo. The property value is less than $120K. What is the tax implication of this transfer, if any?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Dec 16, 2008 10:55 pm    Post subject: Like 0 Dislike 0 Hi golfman, Welcome to forums! With the transfer of the property through a quitclaim deed, your mother will be financially responsible for the property. She will also have to pay the property taxes. As the property is quit claimed to your mother by your brother, it may be considered as a gift to your mother. In that case if the value is over $12,000 which is per year per person gift limit, your brother will have to file form 706 or 709 with his taxes. This will consider that the excess amount of the gift as part of his $1 million lifetime gift exemption. Your mother will also be responsible for paying capital gains taxes on it when sold based on its cost plus any improvements made. To know more about gift taxes and gift limit, you can check out the following link: http://www.mortgagefit.com/discuss/quitclaim-taximplications.html#3126 Feel free to ask if you have further queries. Sussane

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