Can I quick deed my half to daughter?

eagleoneco · Joined: 24 Jan 2008 Posts: 2 1.51 Dollars($)

My daughter and I purchased a property in California. Property is paid for in full. Can I legally quick deed my half to her and what are the tax implications? Is it legal to purchase a property (my funds) and put a daughter on deed (as half owner) also?

larry · Joined: 27 Jun 2007 Posts: 2911 403.68 Dollars($)

Hi Eagleoneco,

Welcome to the forum.

You can quitclaim you half to your daughter. You will sign the deed as a grantor. Make sure you have notarized and recorded the deed in the county recorder office.

You can also add your daughter in the deed although you have purchase the property.

You can know more about quitclaim deed at http://www.mortgagefit.com/quitclaim-deed.html

Feel free to ask if you have any further questions.

Thanks,
Larry

eagleoneco · Joined: 24 Jan 2008 Posts: 2 1.51 Dollars($)

What are the tax implications if I quick deed to daughter?

larry · Joined: 27 Jun 2007 Posts: 2911 403.68 Dollars($)

Hi Eagleoneco,

Welcome back.

You may have to pay gift tax. The annual gift tax exemption limit per person in a year is $ 12,000. So if the share of property what you are quitclaiming to your daughter worth more than that, then you will have to pay the tax.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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