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Quitclaim Deed and selling that property.

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rcrowell2 Joined: 18 Feb 2011 Posts: 1 1.27 Dollars($)	Posted: Fri Feb 18, 2011 7:40 am    Post subject: Quitclaim Deed and selling that property. Like 0 Dislike 0 I quitclaim deeded property to my daughter last year. If she sells the property to pay off my debts and some that I owe her and purchase another property will she be taxed. We live in Missouri. Is there a gift tax law here to where she will have to file anything?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Feb 20, 2011 11:13 pm    Post subject: Like 0 Dislike 0 Hi rcrowell, If your daughter sells off the property and gains profit from it, then she will be liable for paying the capital gains tax on the profit received from the sale of the property. As you gifted the property to your daughter, you will be liable for paying gift taxes. Thanks

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