Posted on: 22nd Aug, 2008 10:31 am
My mother did a quitclaim to her home to me. Will I need to pay estate/death taxes for the house after she dies? The house is paid, but I don't want the house and plan to sell it.
The house is only worth about $125,000
The house is only worth about $125,000
Hi rdmrotier .
Welcome to the forum. If your mother quitclaims the property to you then you need not to pay any tax. Rather your mother need to pay gift tax as she property transfer will be considered as a gift to you. The yearly gift tax exemption limit is $12000. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum. If your mother quitclaims the property to you then you need not to pay any tax. Rather your mother need to pay gift tax as she property transfer will be considered as a gift to you. The yearly gift tax exemption limit is $12000. Feel free to ask if you have any further questions.
Best of luck,
Larry
Still don't quite understand. We did the quitclaim through a lawyer several years ago. We don't want my mother to pay any taxes. She's 86 and has limited income. Isn't there a death tax limit to $675,000 and above? The house is worth much less.
Welcome back Reginald.
If the property has been quitclaimed to you then you need not to pay the Death tax after your mother passed away. You are the owner of the property now. So you just need to pay the property tax now. Let me know if you have any further queries.
If the property has been quitclaimed to you then you need not to pay the Death tax after your mother passed away. You are the owner of the property now. So you just need to pay the property tax now. Let me know if you have any further queries.