quitclaim and tax

[bornitz]

What is the name of your state? CA

I currently own a house with somebody else JT WROS. She will be quit claiming her interest in the house to me for $120k. I plan to buy her out in September. Are there tax implications for either of us, either IRS or in CA?

I'm aware that my property tax will go up due to re-assessment of the half being turned over to me, but that's about all.

Thank you in advance,
Bonnie

[HomeGuru]

Originally Posted by bornitz

What is the name of your state? CA

I currently own a house with somebody else JT WROS. She will be quit claiming her interest in the house to me for $120k. I plan to buy her out in September. Are there tax implications for either of us, either IRS or in CA?

I'm aware that my property tax will go up due to re-assessment of the half being turned over to me, but that's about all.

Thank you in advance,
Bonnie

**A: this is not the Tax Law forum.