Posted on: 25th Jun, 2009 05:19 pm
My mother is turning over a house to me that is in her trust fund. Does she have to pay any taxes on it through a quick claim deed?
rdtack8
welcome to mortgagefit...
In my advice you can set up a new trust and ask your mom to transfer the property to that trust so in future you will be saved from paying extra taxes.
This is a nice option as far as saving taxes is concerned.
keep in touch....
welcome to mortgagefit...
In my advice you can set up a new trust and ask your mom to transfer the property to that trust so in future you will be saved from paying extra taxes.
This is a nice option as far as saving taxes is concerned.
keep in touch....
Hi rdtack,
If your mother transfers the house to you through a quitclaim deed, she will have to pay certain taxes and fees. As a grantor, she will have to pay recordation and stamp doc fees. If she transfers the property as a gift, she will be liable to pay gift taxes. However, there are annual and life time gift tax exemptions which she can avail to reduce the burden of taxes.
If your mother transfers the house to you through a quitclaim deed, she will have to pay certain taxes and fees. As a grantor, she will have to pay recordation and stamp doc fees. If she transfers the property as a gift, she will be liable to pay gift taxes. However, there are annual and life time gift tax exemptions which she can avail to reduce the burden of taxes.