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Taxable implications of quitclaim

Posted on: 11th Apr, 2009 12:02 pm
My wife's aunt quitclaimed her home in 2001 for $1 to her niece (my wife) and nephew to avoid losing her home to a medical facility. Her failing health led us to sell her home in 2008 and the proceeds were divided between the three of them. Aunt E. does not have to pay, my brother-in-law found a "taxman" and he does not owe on his third. How do I determine the basis when claiming it on 2008 taxes?
Hi philex,

I would suggest you to consult a tax assessor in order to know the basis of claiming it on your 2008 taxes. However, as far as I know, if your wife has earned some profit by selling the property, then she may have to pay capital gains taxes on it.

Thanks
Posted on: 11th Apr, 2009 10:29 pm
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