n33danswrs
Junior Member
What is the name of your state?State of California
Are there any tax reprocussions as a result of being placed on a quit claim for a property? My wife's father, who along with his wife are owners of a property, now want to put their 3 kids (adults actually) (my wife being one of them) names on the property via quit claim. Will there be a tax liability now on the kids?
Will the property be re-assessed in value, the final value being divided by 4 and the taxes being owed by each offspring on their 25% of the value?
How is this tax calculated?
I know a living trust would be the way to go but it's too long of a story. We're stuck with this situation or none at all.
Are there any tax reprocussions as a result of being placed on a quit claim for a property? My wife's father, who along with his wife are owners of a property, now want to put their 3 kids (adults actually) (my wife being one of them) names on the property via quit claim. Will there be a tax liability now on the kids?
Will the property be re-assessed in value, the final value being divided by 4 and the taxes being owed by each offspring on their 25% of the value?
How is this tax calculated?
I know a living trust would be the way to go but it's too long of a story. We're stuck with this situation or none at all.
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