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What are the tax implications of a quitclaim deed?

I would like to quitclaim a piece of property to a friend with no payment involved. Will there be taxes for either of us?

Real Estate, Taxes
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Depending on the value, you could run into gift tax issues.  This typically comes into play if the property is worth more that $15,000.  Also depending on the state/municipality there may be transfer tax or other taxes that will need to be paid in the process of the transfer.

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