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quit claim deed. Do we need to report it to IRS?

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PMHodel Joined: 07 Aug 2010 Posts: 2 1.29 Dollars($)	Posted: Sat Mar 05, 2011 2:58 pm    Post subject: quit claim deed. Do we need to report it to IRS? Like 0 Dislike 0 my husband and I did a quit claim deed on 40 acres of undeveloped land to our four grown children. Do we have to report this to the IRS
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Mar 06, 2011 7:17 pm    Post subject: Like 0 Dislike 0 Hi PMHodel, If it was a gift transfer, then you will have to report this to the IRS and you'll be liable for paying gift taxes. _________________ Procrastination is the enemy of your financial success

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