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Question :
What are the tax ramifications of a Quit Claim Deed for the person receiving the property?
Category Property Law Interview Questions
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Added on 3/5/2008
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Answers:

Once the deed is recorded, the new "owner" will start receiving bills for the property taxes and other municipal assessments.

The new owner may also have to pay a recording fee (tax) to have the deed recorded (typically as a percentage of the stated price).

As for income taxes, that would depend on what value (if any) there was on the property when it was conveyed, which would establish the basis for later calculation of capital gains (if any).



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