---

What are tax implications on selling Quit Claim Deed?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
nancymath85 Joined: 21 Feb 2011 Posts: 1 1.26 Dollars($)	Posted: Mon Feb 21, 2011 6:08 pm    Post subject: What are tax implications on selling Quit Claim Deed? Like 0 Dislike 0 My parents quick claimed their house to me in April of 2010 and we are now looking at selling this house. Will I have tax implications or can I quick claim back to my parents?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Mon Feb 21, 2011 9:10 pm    Post subject: Like 0 Dislike 0 Welcome nancymath, If you gain profit by selling off the property, then you'll be liable for paying the capital gains taxes. If you give back the property to your parents as a gift, then you will be liable for paying gift taxes. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0