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Gift Tax

  • Thread starter need help pleas
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need help pleas

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What is the name of your state? TX

Parents signed quitclaim deed on house over to myself and siblings years ago, house is paid for. Mother now wants us to sign quitclaim deed back over to her (father is no longer alive) so she can either sell house or get reverse mortgage. Is it necessary for me to file Gift Tax? What is the difference between deeding property back to her and a transfer of property or is this one in the same. Thank you
 


abezon

Senior Member
You'll have to file a gift tax return if you're giving her more than $11,000 worth of house. Depending on the value of the house & the number of kids, you may be able to get out of filing, but I doubt it.
 

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