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Quit Claim Deed

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RDK Guest	Posted: Mon Mar 14, 2011 10:30 pm    Post subject: Quit Claim Deed Like 0 Dislike 0 Let's say I purchase my sister and brother in law's current home in short sale and rent it out to them at a fair market rental value. Then after two years or so, I quit claim deed back to them, and they refinance... do I owe taxes, fees, etc?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Mar 15, 2011 12:33 am    Post subject: Like 1 Dislike 0 Hi RDK, If you transfer the property as a gift to your sister and brother in law, then you will be liable for paying gift taxes. You may also owe the fees for property transfer and recording the deed. Thanks, Jerry

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