<#-- Rebranding: Header Logo--> <#-- Rebranding: Footer Logo-->

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
Answers
Sort By:
Most Helpful
last month

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.

5 weeks ago
4 weeks ago