Hi
My brother in law who lives in Pittsburgh, PA, has a vacation house in Florida. I have been helping him taking care of the house since i live in Florida. Now he wants to gift me the house using quit claim deed. I dont want the house and i want to sell it.
the questions are:
- Will it be best if he sells the property and give me the money? Or should he file the quit claim deed and i sell it myself?
- if using quit claim deed, he is going to write $100 cost. The property is estimate for $350k. If i sell it, how much taxes do i have to pay? And does he have to pay taxes too?
- the total taxes that we both have to pay will be less or more than that taxes that he has to pay of he sells it without me involved?
Thank you
Apart from any tax issues, you might have trouble selling a house that you obtained with a quitclaim deed, and you might not be able to sell it for the full value, because you do not really have clear title. Consult a real estate lawyer and a real estate broker before you rely on a quitclaim deed. You might save a few dollars on transferring title by using a quitclaim deed, but it could end up costing a lot more in the long run. This might be one factor in favor of having your brother-in-law sell the house and give you the money.