Do you pay a gift tax when a house is quit claimed to you

rfilippelli · Joined: 18 Jul 2008 Posts: 1 1.28 Dollars($)

Do you pay a gift tax when a house is quit claimed to you from a parent?
In CT aren't you allowed 10,000 gift exemption per year? Assuming the house is valued more than 10,000 where does a gift tax come into play.

0.10 Dollars($)

Hello rfilippelli.

As your parents have gifted the property to you, they are entitled to pay the gift tax because they gifting the property to you.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome rfilippelli.

Gift tax is paid by the Grantor. So your parents will give the gift tax. However the gift tax exemption limit is currently $12000 per year. So if the property value is less than $12000 then your parents need not to pay the gift tax?

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