Legal Question in Real Estate Law in California
My domestic partner and I are going our seperate ways. He wants me to quit claim one of the properties that I have in my name and still owe 100,000 so that he can sell it and get a lage sum amount. My question is, am I responsible for any taxes on the capitol gain if I gift him the sale money?
Asked on 8/10/12, 2:31 pm
1 Answer from Attorneys
No, but you may face a hefty gift tax. You need to talk to an attorney, or at least a tax accountant, before you do anything.
Answered on 8/10/12, 3:34 pm
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