Gift Tax

Guest 0.10 Dollars($)

Thanks for answering my question about Quit Claim Deed. If my mom QCD the house to me and the FMV is 100,000.00. she paid 21,000.00, no mortgage owed now..............how do you know what the gift tax will be?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi GB.

I think you should contact with an tax assessor to know how much gift tax your mother need to pay. As far as I know the annual gift tax exemption limit is $12000. So the fair market value is crossing it. That’s why I have said you mother may need to pay the gift tax if she quitclaims the property to you.

Best of luck,
Larry

Niicss · Posted: Sun Jun 15, 2008 11:53 pm Post subject:

Welcome GB.

Larry is right that the annual gift tax exemption limit is $12000 but the lifetime gift tax exemption limit s $1 million. So the property value has not crossed that amount. So I feel you need not pay any gift tax for the quitclaim.

Hope this helps.

Good luck.

All times are GMT - 7 Hours

Page 1 of 1