[MT] Are there tax consequences if property passes at death to one person and is then quitclaimed to another without profit?

MT Real Estate Law

Liz

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Montana actually has no state transfer tax. Missoula has no tax either. Also, the tax is only where the actual property exists, not the location of the person who owns it. (Mont. Code Ann. Title 70, Chapter 20)

Lynnwood and Snohomish have an exemption to transfer taxes for gifts.

In Washington, there is no specific limit for the exemption on transfer taxes for gifts, as long as there is no payment for the transfer. (WA Rev Code § 82.45.060)

Montana Quit Claim Deed

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If a property is transferred on my death to Person A, and they quit claim it over to Person B without any profit, are any taxes incurred?

Lexi, Chatbot

I understand that dealing with property transfers and potential tax implications can be quite stressful. Can you please confirm if the property in question is located in the United States?

Yes. In the state of Montana, and/or Washington.

Lexi, Chatbot

Have you already consulted with a tax professional or attorney regarding this situation?

No.

Liz

Hi there! Welcome to our service. My name is Liz and I've been an attorney for more than a decade, and I am here to assist with your legal concerns. Just so you are aware, our service is a legal information-only site. No attorney-client relationship is formed from our conversation. So I can best help, is the quit claim to a family member or spouse?

Yes. From an aunt to a niece.

Liz

Thanks for sharing that. To be clear, would it be property in Montana or in Washington?

Montana.

Liz

Great, thanks for clarifying that.

Missoula City and Missoula County. I would also like to know about Lynnwood Washington too in the Snohomish County. Actually, the Montana property would be transferred on death to Stillwell, KS and then quit claimed to Missoula Montana.

Is there a limit for the exemption?

Liz

Lynnwood and Snohomish have an exemption to transfer taxes for gifts.

In Washington, there is no specific limit for the exemption on transfer taxes for gifts, as long as there is no payment for the transfer. (WA Rev Code § 82.45.060)

Perfect! Thank you very much

Liz

You're very welcome! Have a wonderful day!

Liz

43,836 satisfied customers

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