Arthur R. asked
My mother wants to use a quitclaim deed to transfer ownership of her primary residence to me, her son. My father recently passed away. My mother is the owner of the home and there is no mortgage. They paid $10,700 for it in 1970 and the fair market value of the home is now $65,000. If I take ownership of this home via a quitclaim deed, will I owe capital gains tax when I sell the home or any other tax? (I plan to sell the home within one year)
May 23rd, 2024
Kaylee C. answered
Yes, you will owe capital gains tax if you sell the home within one year of taking ownership via a q...
May 23rd, 2024
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