In Missouri, quitclaim deed costs include minimal filing fees and mostly federal taxes. Unlike other states, Missouri does not often impose any tax on property transfers.
Filing Fees
The minimum filing fees for a quitclaim deed in the state of Missouri are laid out in Mo. Rev. Stat. § 59.310. They are:
- $5 for the first page
- $3 for each additional page
However, each county in Missouri reserves the right to set their own filing fees above these minimums, and many do. Check with the Missouri county recorder’s office for the county in which the property is located to determine exactly how much you may owe in filing fees.
Taxes
Gift taxes and capital gains taxes may be triggered by the filing of a quitclaim deed, depending on your specific situation.
1. Documentary Transfer Tax (DTT)
Missouri, unlike many other states, does not impose a real estate transfer tax on conveyances of real property. This means that Missouri grantors and grantees are typically subject to less tax than property transferors and receivers in other states.
2. US Gift Tax (Form 709)
Missouri itself imposes no state-specific gift tax. The federal government, however, does impose a gift tax on property valued over a certain amount that is given for little to no payment, or “consideration.” The amount of property value that triggers the tax changes from year to year.
The form used for the federal gift tax is IRS form 709. You can follow the instructions on the form to find out if you owe gift tax, how much you may owe, and details of how and when to pay this tax.
3. Capital Gains Tax
Both Missouri and the federal government impose a capital gains tax on transfers of real property. If you have lived on the property for less than one year before selling, then you must pay a short-term capital gains tax.
In the US, IRS Topic No. 409 and IRS Publication 551 describe the details of the federal capital gains tax. Use these two IRS resources to check the amount you may owe and learn about any possible exemptions and deductions.
