how do you get someones name off a deed without any tax implications?

nbricault · Joined: 04 Sep 2008 Posts: 1 1.32 Dollars($)

my sister and I were left a home by my grandparents. Both our names are on the deed. She does not want hername on it - nor does she want to profit from it in any way. If it is sold down the road she does not want any tax implications as this is not her primary residence. I live in the house with my family and have paid all expenses for the last 3 years. There is no mortgage or loans on the house. Will a quit claim remove her name without any tax penalties or capital gain if the house is sold? thanks nancy

adonis · Posted: Thu Sep 04, 2008 10:04 pm Post subject:

Welcome nbricault,

The quitclaim will remove her name from the deed. And if she quitclaims her interest to you, she may have to pay gift tax if she doesn't qualify for the gift tax exemptions .

However, once you get the ownership rights and sell off property, it may incur capital gains tax which you'll have to pay. But there are capital gains tax exemptions too. Check out the information on such exemptions from http://www.mortgagefit.com/know-how/capitalgainstax.html#14089 .

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