gift tax and quitclaim deed with life estate

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Icon Mini Profile bpelton34





Joined: 01 Nov 2009

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Post Posted: Wed Nov 04, 2009 11:06 am    Post subject: gift tax and quitclaim deed with life estate
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Do gift taxes have to paid on a house in Massacusetts if the house is signed over with a quitclaim deed for less than $100 and has a life estate on it. The house is worth approx $200,000.00
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Wed Nov 04, 2009 11:09 pm    Post subject:
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Hi bpelton,

The grantor will have to pay gift taxes only if the property is transferred as a gift to the grantee. As the property was sold for $100, I don't think it would be considered as a gift. However, to be on the safe side, consult a real estate attorney and he would help you in this regard.

Thanks
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