Legal Question in Wills and Trusts in Florida
Quit Claim
My mother has property she is leaving me in her Will, she wants to give us the property now so we can build a house on it. Will she have to pay any penalties if she quit Claims the land to me?
3 Answers from Attorneys
Re: Quit Claim
There may be a gift tax implication. Check with an accountant.
Re: Quit Claim
Definitely potential tax consqueces but the real question is how much is the vacant land worth. If the property value is less than 24,000, then a gift can be made to you and your spouse without gift tax consequences. However, you will get a carryover basis on the property as opposed to a full step up in basis if the property had been given to you at her death. As always, it is advisable to consult with an experienced estate planning attorney to identify the issues in this kind of transaction and what other options are available.
Re: Quit Claim
Definitely potential tax consqueces but the real question is how much is the vacant land worth. If the property value is less than 24,000, then a gift can be made to you and your spouse without gift tax consequences. However, you will get a carryover basis on the property as opposed to a full step up in basis if the property had been given to you at her death. As always, it is advisable to consult with an experienced estate planning attorney to identify the issues in this kind of transaction and what other options are available.
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