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Quitclaim Deed: Document transferring property-interest

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Sue

Guest

0.10 Dollars($)

Post subject: Quit Claim Deed

My parents executed a Quit Claim Deed on their house 5-1/2 years ago with myself and two sisters. We are now selling the property and have been told that we each get the proceeds of 1/5 of the home. What are the proceeds considered (income, capital gains), and how do we claim it on our taxes? Sue in Wisconsin

Joined: 20 Dec 2005
Posts: 10148
Location: Nevada

941.94 Dollars($)

Post subject:

Hi Sue, I've already replide to your query at http://www.mortgagefit.com/homesale/taxes-proceeds.html . Please have a look at it. thanks