Tag: Gift Tax
-
Transferring Property to Family: What to Know About Gift Deeds
A gift deed signifies a voluntarily title transfer from a “grantor” (the giver) to a “grantee” (recipient). Recipients are often loved ones or charities. A home’s transfer through a gift deed happens without consideration — meaning no money or thing of value is given in return. The deed states that the title is conveyed for…
-
Added to a Deed: What Are the Tax Consequences?
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS? An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
-
Warning: When Not to Sign Over Your Deed
Transferring the deed to your home is a simple matter. Generally, you just have to find the current deed to your home, then get the right deed form to write up your new deed to convey to another party, and take the document to a notary. Then your signature can be notarized and the deed can be…
-
Should Your Child’s Name Be on Your House Deed?
Compare the Alternatives Thinking of putting your child’s name on your house deed? If that’s the person who will get the home after you pass in any case, it might seem sensible. And maybe it is, in certain circumstances. After all, probate can be time-consuming, and even contentious. But before making this decision, do you…
-
Is a Quitclaim Deed Subject to Tax?
Quitclaims are sometimes used to transfer property interests from one family member to another, or between divorcing spouses. Parents might wonder if they should use quitclaims to pass property to children to avoid the probate process. It’s easy enough to do. The homeowner signs the document with a notary, takes it to the county recorder…
