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No need for quitclaim deed to avoid gift tax

from The Washington Post

Q: My husband's parents bought lake property 48 years ago for approximately $15,000. Today it is valued at about $600,000. His mother is still living but is in a nursing home and does not use the cottage. We have been told that a quitclaim deed signed by her today would give us the cottage with no tax consequences (gift or capital gains). Is this possible? more


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