Question by JOSEPH K: My dads house was quick claim deeded to me in the year 2000, I have the house up for sale today, at what rate?
will the capital gains taxes be charge?
Best answer:
Answer by big_bad_john
There is no such thing as a “qiuck claim deed”.
However, a “QUITclaim deed” does exist.
As for the taxes, talk to an attorney.
I’m not an attorney, but I think there should be little tax issues IF you use the proceeds to purchase another residence. Or it’s a probate situation and you are under the IRS limits on estate value.
But if you’re selling and want to pocket the cash, that’s different. I would think taxes would be due. But since you had the place for many years, you would be in the lower bracket.
BTW, the property taxes will have to be paid. they are prorated to the time of sale.
What do you think? Answer below!
