Is there a way to transfer real estate to spouse in MD w/o incurring tax?

haz113k · Joined: 03 Mar 2009 Posts: 1 1.30 Dollars($)

Maryland has both a recordation tax ($ per $ of value) and a Transfer Tax (% of value). I recently moved to Florida which is my primary residence. I just learned that Maryland imposes a property sales tax on the sale of real estate by a non-resident.

I would like to know if I can transfer the deed to my spouse, who remains a Maryland resident without incurring the transfer tax.

Guest

Hi haz,

If you transfer the title to your spouse as a gift, you can avoid paying taxes. if the value of the property you transfer is below $12,000 which is per person per year gift limit, you need not pay any taxes. Even if it exceeds the per year limit the excess amount can be adjusted from the $1 million lifetime gift limit.

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