Posted on: 22nd Mar, 2012 06:57 am
What are the tax implications in N.H. on quit claiming property for less than $100?
Tax questions are best directed to a tax professional, but I am sure you can call your local tax collector to find out. They are very helpful. There is no mortgage against the property you want to quit claim correct? If so, you may trigger the due on sale clause, in your note, meaning the lender can call the entire loan due, if they find out the property ownership was transferred.
Welcome lou,
If the property is gifted to you, then the person gifting you the property may be liable for paying gift taxes. However, there is a gift tax exclusion of $13,000. You will have to contact a tax adviser and take his opinion in this matter.
If the property is gifted to you, then the person gifting you the property may be liable for paying gift taxes. However, there is a gift tax exclusion of $13,000. You will have to contact a tax adviser and take his opinion in this matter.
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