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Quit claim deed - transfer taxes for son.

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ronnieguha Joined: 31 Jan 2011 Posts: 2 1.44 Dollars($)	Posted: Mon Jan 31, 2011 6:56 pm    Post subject: Quit claim deed - transfer taxes for son. Like 0 Dislike 0 Hello, I bought my pad 3 yrs ago - just to be on the safe side, I included my mother in title/deed. She is not a US citizen and doesn't reside here. Fast forward 3 yrs, now if she wants to sign a "quit claim deed", what are the tax implications for me - now that I am refinancing and also later when I sell? She probably wouldn't have much tax implications since she doesn't live here. Thanks for any help and advice Ron
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Feb 01, 2011 10:34 pm    Post subject: Like 0 Dislike 0 Welcome ronnieguha, If your mother transfers the property to you as a gift, then she will be liable for paying gift taxes. If you sell off the property later on and gain a profit from it, then you will be liable for paying capital gains taxes. _________________ Procrastination is the enemy of your financial success
ronnieguha Joined: 31 Jan 2011 Posts: 2 1.44 Dollars($)	Posted: Wed Feb 02, 2011 5:24 am    Post subject: Like 0 Dislike 0 Thanks for your response.. I would have to pay capital gains taxes due after the sale anyway right? So, would it be the same then or is there a difference? Thanks!

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