I have been given a home from my mom who passed away in January. I don't want the home cause of bad blood in the family, and want to quit claim it to my brother in law that lives near the property. I am not selling it to him just giving it to him. do I still have to pay some kind of taxes other than just the property tax for as long as I have had it. I live in Missouri.
1 Answer from Attorneys
In general, there should not be a taxable event, unless you receive more money for the property than what its fair market value was at the time you received it - in which case there may be a capital gain. Each situation is different, however, so please feel free to contact our office or speak with one of our attorneys, or with a different attorney of your choice before taking definite action. http://columbiamissourilawyer.com