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Quit-claim deed--gift or inheritance in Michigan.

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chummy Joined: 24 May 2007 Posts: 1 1.26 Dollars($)	Posted: Thu May 24, 2007 6:27 am    Post subject: Quit-claim deed--gift or inheritance in Michigan. Like 0 Dislike 0 l For tax purposes,quit claim made out same day as will and later recorded. Made out to grantor and grantees. Upon death, is it considereda gift or an inheritance? or part of both? Grantor continued to pay taxes and receive income from rent. This is vacant land. It was the only thing that was probated.
colin Moderator Joined: 30 Jun 2006 Posts: 582 Location: Waltham, Massachusetts 112.65 Dollars($)	Posted: Thu May 24, 2007 12:31 pm    Post subject: Like 0 Dislike 0 Hi Chummy, Welcome to Mortgagefit forum. As the quit claim deed has been made out the grantee already owns the land. Was the deed made to include the grantee as a co-owner or to give outright ownership to him? Colin
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Thu May 24, 2007 3:56 pm    Post subject: Like 0 Dislike 0 Chummy, what value did grantor receive to transfer ownership of land? If this value is less than its current market value then it is considered as a gift. The grantor then has to pay gift taxes if the value of the gift exceeds the allowed gift tax exemption limit. Miller

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