• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Gift Tax?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

duchess821

Junior Member
What is the name of your state? California

I have a strange situation and need some advice. My father purchased a house 9 years ago in California for my husband and I. The house is in my father's name. Now, we want to move to North Carolina and sell this house. If my father sell this house and gives up the money, then we will have to pay gift tax, right? The house was puchased at $170,000 and is now valued at $600,000. If he quit claims the house to us, it increases to the new valure and we have increased property taxes, but is there any gift or other taxes that have to be paid? Also, what if he sells the house here, buys the house in Noeth Carolina, then quit claims it to my husband and I in a few months? Will there be a tax imposed on that? What is the best way to do this imposing the least amount of taxes? I hope I am not making this more confusing than it is, but I am completely confused!!! Any help would be much appreciated! Thanks!
 


pojo2

Senior Member
Dad better get ready to pay some serious capital gain taxes if he sells the house.

Depending on the size of his estate there may be gift taxes at some point if he quit claims it to you. You would not pay the gift taxes.

Talk to an Estate Atty when this much money is involved so you each end up with the least amount of taxes.
 

duchess821

Junior Member
Besides the capital gains issue, can any one explain in a bit of detail what kind of taxes may be involved in a quit claim, if any? Thanks All!
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top