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Quitclaim from parent

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Ptah Guest	Posted: Tue Jun 28, 2011 8:41 am    Post subject: Quitclaim from parent Like 0 Dislike 0 We have lived in a double/duplex for 18 years. My mother-in-law owns the property outright and lives on the other side. She is moving to another state and wants to Quitclaim the property to my husband. We've been doing research on this and have found conflicting information. 1) Can she claim an exemption on the gift tax against the $1 million lifetime limit? 2) We are planning on moving to another state in a year. When we sell the house, will we have to pay inheritance tax and/or capital gains tax? 3) Is the value of the house at the time she purchased it or when she gifts it figured in as the starting value to use when figuring inheritance tax/capital gains tax? Ex. If she paid $63k and now it's valued at $93k, and we sold at $100k. Which value would we use? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Jun 28, 2011 10:13 pm    Post subject: Like 0 Dislike 0 Welcome Ptah, Your query has been replied to in the given page: http://www.mortgagefit.com/propertytransfer/about52072.html Take a look at it. I hope it will help you. _________________ Procrastination is the enemy of your financial success

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