Can a quitclaim deed keep me from paying inheritence taxes

aletadesmond · Joined: 28 Dec 2007 Posts: 1 1.29 Dollars($)

I live the state of NJ. My ucle left me his house in his will. He currently still living the house but when he dies I will have to pay inheriteance taxes that I do not have but I would like to keep the house. Is there way I can get around this with a quitclaim deed.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi aletadesmond,

Welcome to the forums.

Your uncle can quitclaim the property to you. But that will mean he is quitting all his claims from the property and he may also need to pay gift tax. So is he willing to go do that?

Thanks,
Larry

blue · Posted: Fri Dec 28, 2007 4:17 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

Your uncle has made the will and now if he quitclaims the property, he will have to pay gift tax and other taxes associated with it as Larry has mentioned above.

It is not that you will have to pay the inheritance. You can get exemptions also. To know more about you can go through this site- http://www.nj.gov/treasury/taxation/text/ot7txt.htm

Hope this will help you.

Do let me know if you have any other questions.

Thanks
Blue

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