Posted on: 27th Jun, 2007 10:55 pm
With the new Land laws , is there any Capital Gains, If you just Quick Claim a Bare parcel of land , as a Gift?
copoconvert
If you are just quitclaiming the property, there is no capital gains to be paid by you.
If you are just quitclaiming the property, there is no capital gains to be paid by you.
are you from Newland UK?
No mac, I think Copoconvert is peaking about the laws in Newland, US. Well as much as I know, Copoconvert, there are no capital gains as such if you gift a property to someone. After all, gift implies that you are conveying property to someone at a price lesser that what you bought it for. Or else, you may even not charge anything after conveying the property.
Hi Copoconvert,
You do not have to pay any capital gain tax if you quitclaim your property as gift to someone. If you were to sell the property, then you might have to pay the tax on the profit earned provided you exceed the profit limit of $ 250000.
You do not have to pay any capital gain tax if you quitclaim your property as gift to someone. If you were to sell the property, then you might have to pay the tax on the profit earned provided you exceed the profit limit of $ 250000.