2007-03-15 10:05:44 · 5 answers · asked by Everyone 2 in Business & Finance ➔ Taxes ➔ United States
Just deed it over to her. Don't use a quitclaim deed, give her a proper Warranty Deed or Grant Deed.
Quitclaim deeds are typically used to remove a joint owner from a property, typically as a result of a divorce settlement or as the result of a tax sale. They don't confer clear title but only serve as an abandonment of any claim that you may or may not legally have.
2007-03-15 11:26:13 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
After deeding it you will need to file a gift tax return on Form 709 but no tax will be due. On it you will report the market value and your cost basis - she will get your cost basis to compute gain when she sells it. If you do not gift it and she inherits it her cost basis would be death value - much better for her. If you retain a life estate in the deed the cost basis would get stepped up to death value. That would be best.
2007-03-15 22:35:56 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋
You'd be wise to consult an attorney to make sure that all the proper paperwork is completed and filed.
2007-03-15 22:07:13 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If its paid off, simply file a quit claim deed and list it as a "gift" under consideration paid, in order to avoid excise tax.
if its not paid off, your daughter has to pay cash or get a mortgage and you need a title company.
2007-03-15 17:09:54 · answer #4 · answered by Anonymous · 2⤊ 3⤋
You can do a quick claim deed
2007-03-15 17:13:19 · answer #5 · answered by Bella 4 · 0⤊ 3⤋