Parents Can Give Gift of Land With Quit Claim Deed
REM #F720
By Ilyce R. Glink
Summary: A reader's parents are giving her their extra vacant lot as a gift. Ilyce explains the tax laws regarding gifts and suggests using a quit claim deed.
Q: My parents would like to gift us their extra vacant lot. How do we go about
this to avoid any taxes if possible? The value for tax purposes is $9,000.00
A: There would be no taxes owed if the gift is valued at leass than $12,000.
Since this is land, you may want to have an appraisal, so you can prove (if
necessary) the value to the IRS. After that, they can use a Quit Claim Deed.
I sell one on ThinkGlink.com
(check out the ThinkGlink store) or you can buy one in a local stationary store.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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