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Quit Claim Deed and Gift Tax

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zehneramanda Joined: 05 Nov 2009 Posts: 3 1.65 Dollars($)	Posted: Thu Nov 05, 2009 2:30 pm    Post subject: Quit Claim Deed and Gift Tax We are looking to 'purchase' 5 acres from my husbands Grandmother and will be doing so with a quit claim deed. Grandma does not want money to be exchanged, but I am afraid of the gift tax or other tax's if no money is involved. Can you tell me what amount we should purchase the property for in order to simply change ownership and for us to assume the yearly property taxes? We do not want us nor Grandma to be taxed in any other way.
adonis Joined: 22 Oct 2005 Posts: 3852 Location: ALASKA 120.89 Dollars($)	Posted: Thu Nov 05, 2009 8:41 pm    Post subject: Hi zehneramanda, It is true that if your grandmother transfer the property as a gift, then she would become liable for the gift taxes. However, there are certain gift tax exemptions as well. In order to know more about gift tax exemptions, check out the given page: http://www.mortgagefit.com/gift.html#111114 _________________ Procrastination is the enemy of your financial sucess

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