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The Water Cooler
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Quit claim deeds...taxs?
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<blockquote data-quote="Z71" data-source="post: 2077320" data-attributes="member: 26805"><p>Suppose I owned a property free and clear(property taxs paid for this year and all) in a tiny NW OK town that ain't worth much(town or property!)...and want to deed it over to another person(not related to..and isn't a qualifying charity)....will the IRS want a value on it/for it...even if I just give it away?</p><p></p><p>Do I or the party receiving the property required to have an appraisal done?</p><p></p><p>Are there any other tax/IRS implications of just fobbing of a minimal value property to somebody else?</p><p></p><p>Is this how it is in Oklahoma?.. <a href="http://homeguides.sfgate.com/tax-implications-quitclaim-deed-6771.html" target="_blank">http://homeguides.sfgate.com/tax-implications-quitclaim-deed-6771.html</a> </p><p></p><p>Thanx...'Z'</p></blockquote><p></p>
[QUOTE="Z71, post: 2077320, member: 26805"] Suppose I owned a property free and clear(property taxs paid for this year and all) in a tiny NW OK town that ain't worth much(town or property!)...and want to deed it over to another person(not related to..and isn't a qualifying charity)....will the IRS want a value on it/for it...even if I just give it away? Do I or the party receiving the property required to have an appraisal done? Are there any other tax/IRS implications of just fobbing of a minimal value property to somebody else? Is this how it is in Oklahoma?.. [url]http://homeguides.sfgate.com/tax-implications-quitclaim-deed-6771.html[/url] Thanx...'Z' [/QUOTE]
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