My brother will quit claim deed his portion of a grant deed to me. We are under joint tenancy.
On the quit claim deed there is a place for the property transfer value. If the property is worth $200k, should this amount be $100k (which is the FMV)? There is no money being transferred.
I am not sure how this affects capital gains or basis on the property.
Hi,
There are a lot of legal and financial ramifications to what you propose to do! You have not provided anywhere near enough information to provide a good answer!
I would suggest you obtain the services of a good tax consultant, tax attorney or Accountant to provide very state specific answers to your general question! Make sure you provide accurate information and you will be provided a good answer!
GR
uh… if the property “is worth” 200k then the FMV is 200k.
FMV is what the property is currently worth. these two are the same.
However,
Gain/loss depends on the basis. How did you obtain the property?