Posts Tagged ‘Cancer’
gift tax on a house we want to sell that was received through a quit claim deed?
Monday, October 19th, 2009i 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?
