Legal Question in Real Estate Law in Connecticut
Tax liabilitys on quick deed
What if any are the tax liabilitys on quick deeding your home to a familly member? For the familly member receveing the home.
Asked on 5/27/04, 7:16 pm
1 Answer from Attorneys
John Heffernan
Heffernan Legal Group, LLP
Re: Tax liabilitys on quick deed
It's not a quick deed; it's a "quit-claim" deed. A transfer to a spouse does not trigger a tax; but a quit-claim deed to anyone else (child, parent, sibling, etc.) may trigger a gift tax in Connecticut if the gift is worth more than $10,000 per year per donee. The value of the real estate transferred would be the fair market value (what you could sell it for) less any outstanding mortgages.
Answered on 5/28/04, 10:18 am
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