Legal Question in Real Estate Law in Nevada

Re: Quit claim deed

I am assuming that your mother gave the house to you and your sister as a gift. That is, you did not pay her anything for it. Based upon that assumption, there should be no income tax consequences to you or your sister at this time. When you go to sell the house at some point in the future, your taxable capital gain will be calculated by substracting your mother's basis in the house (what she paid for it plus the cost of any major improvements) from the net sales price.

Your mother's estate, on the other hand, might have gift or inheritance taxes to pay, but that cannot be determined without more information about the overall size of her estate, the value of the house, the amount of gifts she made in the past and when they were made, among other things. For that analysis you need to consult a tax expert.

Re: Quit claim deed

I am assuming that your mother gave the house to you and your sister as a gift. That is, you did not pay her anything for it. Based upon that assumption, there should be no income tax consequences to you or your sister at this time. When you go to sell the house at some point in the future, your taxable capital gain will be calculated by substracting your mother's basis in the house (what she paid for it plus the cost of any major improvements) from the net sales price.

Your mother's estate, on the other hand, might have gift or inheritance taxes to pay, but that cannot be determined without more information about the overall size of her estate, the value of the house, the amount of gifts she made in the past and when they were made, among other things. For that analysis you need to consult a tax expert.

Re: Quit claim deed

I am assuming that your mother gave the house to you and your sister as a gift. That is, you did not pay her anything for it. Based upon that assumption, there should be no income tax consequences to you or your sister at this time. When you go to sell the house at some point in the future, your taxable capital gain will be calculated by substracting your mother's basis in the house (what she paid for it plus the cost of any major improvements) from the net sales price.

Your mother's estate, on the other hand, might have gift or inheritance taxes to pay, but that cannot be determined without more information about the overall size of her estate, the value of the house, the amount of gifts she made in the past and when they were made, among other things. For that analysis you need to consult a tax expert.

Re: Quit claim deed

Nevada won't tax the transfer. If it was a quitclaim that took place upon death there won't be federal tax liability unless your mother's estate was so large as to trigger the federal estate tax. If it was a quitclaim that took effect while she was alive, your mother potentially has federal gift tax liability.