My daughter and I are going to do a quit deed claim on her home. She is moving out of state and needs the house paid off before she can get a new mortgage. I am going to pay off her 80k mortgage and then put about 15k into the house to get it ready to sell. I then will sell it. I expect to clear about 10k after expenses which I will mail to her. I only am getting my expenses recouped. I will list the house within one month of paying off the mortgage. What would my liabilities be with the IRS if I am not profiting in any way? The realtor said she should expect to sell it at around 110k. Thanks to any that can help.
