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Buying or Selling a Home/Quit Claim Tax Implications
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Question
My father-in-law and husband own a piece of property. We have asked my FIL to buy us out. What are the tax implications on selling my husband's share in the property to my father-in-law via Quit Claim Deed?
Your husband will have a tax liability, Siobhan, if he has a profit. He will have a capital tax gain (if it is one) on his interest in the property. If there is a loss, there is a different story. I strongly recommend you talk with a tax consultant to make sure the transaction is to the benefit of all concerned. I do wish you well.
Dick Dennis
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Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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