Legal Question in Real Estate Law in Florida

Quick Claim Deed

My mother and her four children are on a Quick Claim Deed for her home and property. She is going in a nursing home and has agreed to sell the home and give the proceeds to the children. The home was purchased in 1953 for $28,000 and will sell in 2007 for around $400,000. Question is two part: if she sells and gives us the proceeds, will she pay capital gains (or have an exemption) - and then the children will have to pay a gift tax (what is the rate at what amount); or since we are on the quick claim deed, if the house is sold will it be like us selling the house and we all pay the capital gains and there is no gift tax? Thank you.


Asked on 4/07/07, 9:45 pm

1 Answer from Attorneys
Robert Roemer Robert Roemer

Re: Quick Claim Deed

First ,I need to know when your(children) were added to the deed.second,was this intended as a gift($11,000.00) exemption for each child

Third-What capital improvements were made to the property since 1953? She has a exemption of $250,000 for capital gains tax if she mets the requirements. I would suggest you call me at my office monday to discuss in greater detail.These are complex issues.

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Answered on 4/08/07, 8:28 pm


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