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gift tax and quitclaim deed with life estate

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bpelton34 Joined: 01 Nov 2009 Posts: 3 1.97 Dollars($)	Posted: Wed Nov 04, 2009 11:06 am    Post subject: gift tax and quitclaim deed with life estate Like 0 Dislike 0 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 $200,000.00
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Wed Nov 04, 2009 11:09 pm    Post subject: Like 0 Dislike 0 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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