Posted on: 03rd Jul, 2009 05:00 pm
my son invested almost all the money into the home but i sold my my home and bought this one for him
Hi Guest,
You need to pay capital gains taxes when you make a profit out of the transaction. The difference between the sales price of the house and the price at which you bought it, is considered your profit. The capital gains taxes are calculated on this amount. However, if you make the transfer as a gift, you will not have to pay any capital gains taxes. You will be required to pay a gift tax, but you can also claim the gift tax exemptions.
You need to pay capital gains taxes when you make a profit out of the transaction. The difference between the sales price of the house and the price at which you bought it, is considered your profit. The capital gains taxes are calculated on this amount. However, if you make the transfer as a gift, you will not have to pay any capital gains taxes. You will be required to pay a gift tax, but you can also claim the gift tax exemptions.
capital tax will not be applicable as you are not making any profit out of quit claim deed.
now your son will be answerable for property tax payment.
now your son will be answerable for property tax payment.