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Updated about 3 years ago,
Quit deed and gift money between family members
Hello BP community! I have a question regarding quit deed and gift tax between non-married family members. Both are on the deed of the paid-off home. Family member A is living in the home and wants to buy-out family member B (not a resident of the home). Can family member B sign a quit deed then be gifted the buyout money in the same year. I understand family member A will have to file a gift tax over $16000 but will family member B have any tax implications?
Thank you for any input!