Login
Lender Signup
Community Signup

World's Largest Mortgage Community
(26,329 members)

What are you looking for?

Quit Claim Deeds

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest Guest 0.10 Dollars($)	Posted: Tue May 06, 2008 8:48 am    Post subject: Quit Claim Deeds If a relative signs a quit claim deed over to me and then a few months later I reassign the deed to them, are there any tax implications on me? If it is all done within the same year, does it wash? Or will gift taxing be involved? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 1237 Location: ALASKA 105.97 Dollars($)	Posted: Tue May 06, 2008 10:06 pm    Post subject: Welcome guest, There may be gift tax involved provided the property-interest that you transfer while reassigning the deed doesn't exceed a value worth $12000. However, there are gift tax exemptions that you may like to know. So, just go through to get an idea of what gift tax is all about and whether you need to pay it. _________________ Procrastination is the enemy of your financial sucess
sara Joined: 05 Jul 2006 Posts: 955 Location: New Brunswick, New Jersey 182.56 Dollars($)	Posted: Wed May 07, 2008 3:32 am    Post subject: RE: tax implications for reassigning deed Hi guest, Whether you need to pay taxes after reassigning deed depends on the value of the property or the gift transferred here. The taxes need to be filed by the next April. Apart from what Adonis mentioned, I'd have one more thing to say. If the grantor (here it's you) has not offered gifts worth $1,000,000 in total till now in his lifetime, then he may need to pay the gift tax provided he doesn't satisfy the exemption limit as explained by Adonis. Take Care

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1