Posted on: 24th Jun, 2009 05:07 am
Are quit claim laws the same throughout all 50 states? How about Indiana and Florida? What about taxes? How is it determined? Will the person receiving the deed also be liable for gift tax?
Hi
The laws regarding the quitclaim deeds are not the same throughout the United States. Different states have different laws regarding quimclaim deeds. While the basic character of the laws does not change, certain variations can be seen in the state laws governing property transfer through quitclaim deed. You need to consult a local attorney to know the variations in the quitclaim laws in your state.
You need to pay a certain amount of gift tax while transferring property as a gift through quitclaim deed. It's the donor who is liable to pay the gift tax, not the recipient. however, the donor can get certain gift tax exemptions as well.
The laws regarding the quitclaim deeds are not the same throughout the United States. Different states have different laws regarding quimclaim deeds. While the basic character of the laws does not change, certain variations can be seen in the state laws governing property transfer through quitclaim deed. You need to consult a local attorney to know the variations in the quitclaim laws in your state.
You need to pay a certain amount of gift tax while transferring property as a gift through quitclaim deed. It's the donor who is liable to pay the gift tax, not the recipient. however, the donor can get certain gift tax exemptions as well.
if the value of the transferred property is more than $12,000, then donormay have to pay for the gift tax.