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 rdmrotier
Joined: 22 Aug 2008
Posts: 1
1.31 Dollars($)
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 Posted: Fri Aug 22, 2008 10:31 am Post subject: My mother did a quitclaim to her home to me. Will I need t |
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My mother did a quitclaim to her home to me. Will I need to pay estate/death taxes for the house after she dies? The house is paid, but I don't want the house and plan to sell it.
The house is only worth about $125,000 |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Sat Aug 23, 2008 3:00 am Post subject: |
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Hi rdmrotier .
Welcome to the forum. If your mother quitclaims the property to you then you need not to pay any tax. Rather your mother need to pay gift tax as she property transfer will be considered as a gift to you. The yearly gift tax exemption limit is $12000. Feel free to ask if you have any further questions.
Best of luck,
Larry |
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Reginald
Guest
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| Posted: Sat Aug 23, 2008 4:52 am Post subject: quitclaim |
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| Still don't quite understand. We did the quitclaim through a lawyer several years ago. We don't want my mother to pay any taxes. She's 86 and has limited income. Isn't there a death tax limit to $675,000 and above? The house is worth much less. |
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Niicss
Joined: 03 Oct 2005
Posts: 3237
Location: New Jersey
510.78 Dollars($)
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| Posted: Sat Aug 23, 2008 5:23 am Post subject: |
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Welcome back Reginald.
If the property has been quitclaimed to you then you need not to pay the Death tax after your mother passed away. You are the owner of the property now. So you just need to pay the property tax now. Let me know if you have any further queries.
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Good is the Enemy of Great. |
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