B
bravadababs
Guest
State of Michigan
My mother and I co-purchased a co-op in 1985. Mom put up all of the money and has lived there the entire time. I moved out of the home 6 months after the purchase and haven't lived there since. Mom now wants to sell the co-op.
Is it possible for me to sign over my interest in the property by filing a quit claim deed (I won't be receiving any of the proceeds from the sale)? If I can file a quit claim deed, will this prevent capital gains from being attributed to me? Would a quit claim deed cause me to be subject to gift taxes if my "share" of the proceeds would have been in excess of $10,000?
My mother and I co-purchased a co-op in 1985. Mom put up all of the money and has lived there the entire time. I moved out of the home 6 months after the purchase and haven't lived there since. Mom now wants to sell the co-op.
Is it possible for me to sign over my interest in the property by filing a quit claim deed (I won't be receiving any of the proceeds from the sale)? If I can file a quit claim deed, will this prevent capital gains from being attributed to me? Would a quit claim deed cause me to be subject to gift taxes if my "share" of the proceeds would have been in excess of $10,000?