Legal Question in Real Estate Law in Illinois
What are the tax implications when a my 1/2 share of a property is Quit Claim to my nephew? Also if there is a tax implication is it due the year that the property is transfer? Thank You
Asked on 10/12/17, 8:54 am
1 Answer from Attorneys
Income tax? or Property tax? I'll assume income. The kind of deed is irrelevant. It is the nature of the transaction that is, however. Was it an arms length sale? "Sweetheart" deal? Gift? You need to be more specific. Thanks.
Answered on 11/01/17, 11:03 am
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