Oct 09
19
gift tax on a house we want to sell that was received through a quit claim deed?
Posted by taxliensi have received a home from my father who before passing away from cancer filed a quit claim deed to transfer the house to me upon death. i am selling the house and need to know if there will be a gift tax on it. the home is valued at 230000 upon his passing. it has been one year since. i am sure he may have exceeded his 1 million dollar lifetime gift exclusion amount. who pays the taxes? usually the donor is responsible i think?
Did he give over 2 million? If not there will not be any tax on it because his estate exemption will cover it. His estate would be responsible for paying the tax as well if he did owe any tax.