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    JPS2's Avatar
    JPS2 Posts: 8, Reputation: 1
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    #1

    Jul 22, 2007, 12:02 PM
    Quit Claim or Quick Claim
    What is the difference between a Quit Claim and a Quick Claim? Also, the last year of my mothers life she was very ill and lived with me, she signed her house over to me . Now I am going to sell it, do I have to pay taxes on the money I receive? I have heard if you are over a certain age you do not have to, I am 66 and live in the state of Texas. ( I have had the house less than a year)
    I just read some other question on Quit Claim and Qick Claim but I would still like to know about paying taxes on the money I receive.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Jul 22, 2007, 12:45 PM
    There is no such thing as a quick claim deed. The proper name is quit claim.

    You will probably have to pay taxes on the profit you receive since you lived in the house for less than 2 years but you need to speak to an accountant to be sure.
    JPS2's Avatar
    JPS2 Posts: 8, Reputation: 1
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    #3

    Jul 22, 2007, 12:53 PM
    Thank you but I never lived in the house at all.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #4

    Jul 22, 2007, 12:56 PM
    If you didn't live there then you will probably have to pay tax on the profit since you took ownership by transfer rather than inheritance. But you really need to speak to an accountant to be sure.
    JPS2's Avatar
    JPS2 Posts: 8, Reputation: 1
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    #5

    Jul 22, 2007, 12:57 PM
    Thank you LisaB4657
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