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If I Quit Claim some property, will I have to pay taxes on it?

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R

riggo199

Guest
What is the name of your state? Minnesota

My grandfather left his cabin to 4 people. I am one of those 4 people. If I quit claim my share to one of the remaining 3 people, do I have to pay taxes on my share?

(There is a family feud over this cabin, and I want OUT of the feud...so, I am considering a quit claim...to keep peace!)



Note: The property is worth about $150K.


thanks.
 


ellencee

Senior Member
I know you ask about taxes, but if you haven't asked about this in the wills section, please do so. There are measures you can take to put an end to this BS without having to give up your 1/4 value of this property to the whiners and the grabbers. If your grandfather had not wanted you to benefit equally with the others, he wouldn't have left you an equal portion.
 
L

loku

Guest
If your problem is not solved by an answer in the wills section (for example, if it is too late to disclaim your inheritance) and you do quit claim your share to one of the other people, then that would be a gift. If the value of your share is over $11,000, you would have to file a gift tax return. There would be no tax however, because you have a lifetime exclusion of $1,000,000.
 

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