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Gift tax and Warranty Deed

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Guest	Posted: Thu Jun 04, 2009 3:26 pm    Post subject: Gift tax and Warranty Deed Like 0 Dislike 0 If you receive a piece of property and the Grantor does not want to gain any financial rewards from the transfer, is it possible via a Warranty Deed to avoid any Gift Tax for the grantor or will she/he be responsible to pay a gift tax based upon the tranfer of the property? If the grantor is responsible to pay a gift tax for having given his/her property to someone else via a Warranty Deed, what is the amount of the tax based upon, and can he/she make it a very llittle by citing on the Deed a small amount paid by the Grantee for the property making sure that the $ amount is not in anyway equal to the value of the property? Similar to when you gift a vehicle to someone and state on the DMV form a few dollars instead of what the true value of the car might actually be. Thanks, Johb
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jun 04, 2009 7:58 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! I don't think transferring a property through warranty deed will help the Grantor to avoid gift taxes. However, the grantor can definitely mention a lower amount in the deed rather than the actual value. Feel free to ask if you have further queries. Sussane
Michele Miles Guest	Posted: Mon Aug 17, 2009 6:26 pm    Post subject: capitol gains taxes on a warranty deed Like 0 Dislike 0 my mother has a warranty deed on her house with my 2 sisters and I listed on it. At her death, we would get the house but plan to sell it. Would we have to pay capitol gains taxes on it?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Aug 17, 2009 11:23 pm    Post subject: Like 0 Dislike 0 Hi Michele, The question of capital gains tax would arise when you sell off the property. After your mother's death, you would inherit the property along with your siblings. Thus, you would be liable for inheritance taxes. Thanks
Rose Guest	Posted: Fri Aug 19, 2011 11:36 am    Post subject: gift warranty deed Like 0 Dislike 0 my sister wants to transfer a lot to one of my other sisters, does she have to specify an amount on it or would "for love and affection" suffice?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Aug 21, 2011 11:26 pm    Post subject: Like 0 Dislike 0 Hi Rose, It is not mandatory for your sister to mention a particular amount in the deed. She can just mention "for love and affection". Your sister can contact a real estate attorney and he will draft the deed for her. _________________ Procrastination is the enemy of your financial success

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