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capital gain

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leaskjr Joined: 28 Jan 2011 Posts: 1 1.29 Dollars($)	Posted: Fri Jan 28, 2011 5:14 am    Post subject: capital gain Like 0 Dislike 0 if my daughter quit claims a house to me and i sell it for less than it was purchased do i have any taxes that i have to pay?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Fri Jan 28, 2011 7:15 pm    Post subject: Like 0 Dislike 0 Hi leaskjr, If you do not make any profit from the sale of the property, then you won't be liable for paying any taxes. However, if your daughter has transferred the property to you as a gift, then she will be liable for paying gift taxes. _________________ Procrastination is the enemy of your financial success
leo leask Guest	Posted: Sat Jan 29, 2011 7:46 am    Post subject: quick claim Like 0 Dislike 0 can my daughter trnasfer the property to me with out it being a gift?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Jan 30, 2011 11:52 pm    Post subject: Like 0 Dislike 0 Hi leo, If you purchase the property from your daughter and mention a sale price in the property deed, then your daughter won't be responsible for paying any gift taxes. Thanks

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