Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

gift tax and quitclaim deed with life estate

Do gift taxes have to paid on a house in Massacusetts if the house is signed over with a quitclaim deed for less than $100 and has a life estate on it. The house is worth approx $200,000.00

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bpelton,

The grantor will have to pay gift taxes only if the property is transferred as a gift to the grantee. As the property was sold for $100, I don't think it would be considered as a gift. However, to be on the safe side, consult a real estate attorney and he would help you in this regard.


Like | Dislike | Share | Posted: Wed, 11/04/2009 - 22:09

Page loaded in 0.046 seconds.