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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- second home property transferred via quitclaim to relative
second home property transferred via quitclaim to relative
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dperhogan
Level 3
06-01-2022
07:08 PM
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Can someone transfer ownership via quitclaim to relative with no tax consequences? Property is second home purchased with cash. Owner wants nothing in return.
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Just-Lisa-Now-
Level 15
06-01-2022
07:19 PM
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You can give away a house.
A gift tax return is probably in order.
And the basis for the new owner would be the basis of the "seller".
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
A gift tax return is probably in order.
And the basis for the new owner would be the basis of the "seller".
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
