Tax Ramifications of Quit Claim Deeds

[Jarod Rotolo]

The question is, how would the following scenario impact taxes when filing the tax return the following year?

SCENARIO

Grantor deeds homestead property worth maybe 20k to person A. After some time, person A finds that the property has liens attached to it and decides to deed the property back or to someone else.

Case 1

Person A deeds the property to someone else within weeks of being deeded the property from the grantor.

Case 2

Person A deeds the property to someone else within a few months of being deeded the property from the grantor.

Please explain to me the impacts on someone's tax return for each case. At what point is the time period significant?

Thanks for your time and insights.