Posted on: 17th Mar, 2009 06:40 am
Can a not-for-profit quitclaim a piece of property to anothe N-F-P? Will there be any tax issues other than property tax? Also, can a N-F-P quitclaim a piece of property to an individual? Will there be any tax issues other than property tax in that situation?
Hi Keith,
As far as I know you can use a quitclaim deed in such a case. If you are transferring property as a gift you amy have to pay the gift tax. But there are certain gift tax exemptions as well.
As far as I know you can use a quitclaim deed in such a case. If you are transferring property as a gift you amy have to pay the gift tax. But there are certain gift tax exemptions as well.
one need to pay only gift taxes if the amount is exceeding certain limits (set by different states.) :wink: