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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello, I need some advise concerning transferring property

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Hello, I need some advise concerning transferring property using a quitclaim deed. I have a POA from my father and I would like to change ownership to my name on 2 different properties. What are the negative tax repercussions
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Transferring the property would constitute a gift, and provided your dad hasn't gifted over $5 million in his life, no gift tax will be owed, although you will need to file a gift tax return.

Your basis will be your father's basis in the property.

However, if you wait until your father passes away, you could step up the basis to the Fair market Value on the date of his death. This would lower your capital gains tax in the event you sell the properties.

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Customer: replied 4 years ago.

Would there be any other kind of tax's at all?


 

You'd be responsible for property taxes, but other than that - no, provided your father hasn't gifted over $5 million in his lifetime

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO XXXXX ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid, but the Web site will still collect your payment. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site**
Megan C and 2 other Tax Specialists are ready to help you
Customer: replied 4 years ago.

Great and Thank You, XXXXX XXXXX rate you with Great Service. Thanks again!

you're welcome
Thank you for the positive rating. Please remember me the next time you have a financial question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer
Thank you for the positive rating. Please remember me the next time you have a financial question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer
Customer: replied 2 years ago.

Thanks

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