Posted on: 26th Jun, 2009 10:39 pm
my mom is thinking of selling the property she put me and
my sisters name on through a quit claim deed. will this
effect out taxes
my sisters name on through a quit claim deed. will this
effect out taxes
Hi BECCY,
If your sister and you are the owners of the property, then your mother cannot sell off the property without your permission. As far as taxes are concerned, you may be responsible for the capitals gains taxes.
If your sister and you are the owners of the property, then your mother cannot sell off the property without your permission. As far as taxes are concerned, you may be responsible for the capitals gains taxes.
Hi BECCY2,
Welcome to our forum.
As you say, You & your Sister is owner of property that means your mother can't sell property with out your signature & property papers.
And about taxes, You are property owner so you both are responsible for Taxes payment.
Thanks & Regards,
gunz.ijjistaff.
:D :D
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
As you say, You & your Sister is owner of property that means your mother can't sell property with out your signature & property papers.
And about taxes, You are property owner so you both are responsible for Taxes payment.
Thanks & Regards,
gunz.ijjistaff.
:D :D
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
yes, when your mother will quitclaim the deed then she does have to pay the gift taxes.