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Quitclaim

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Vols Guest 0.10 Dollars($)	Posted: Wed Apr 23, 2008 1:09 pm    Post subject: Quitclaim My parents quitclaim their house to my brother and I. We both agree that the house needs to be sold. Is there a waiting period from the filing date of the quitclaim to when the house can be sold? Please confirm that once the house is sold that we will have to pay capital gain taxes. Thank you
adonis Joined: 22 Oct 2005 Posts: 1359 Location: ALASKA 123.64 Dollars($)	Posted: Wed Apr 23, 2008 9:40 pm    Post subject: Welcome Vols, I haven't heard of any such waiting period between filing a quitclaim deed and selling the property. By the way, which is your state of residence? _________________ Procrastination is the enemy of your financial sucess
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Wed Apr 23, 2008 11:13 pm    Post subject: Hi Vols, Welcome to the forum. Is it a mortgaged property? If so then inform the lender about. Can you pay off the lender after selling the property? Now if you gain more than $250,000 after selling the property then you may have to pay capital gain tax. Check out capital gain tax exemption limit Feel free to ask if you have any further questions. Best of luck, Larry

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