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Michigan property transfer to family member

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kriegienjj Joined: 27 Oct 2009 Posts: 1 1.33 Dollars($)	Posted: Tue Oct 27, 2009 3:54 am    Post subject: Michigan property transfer to family member Like 0 Dislike 0 We recently purchased an unimproved lot at a Wexford County, Michigan tax sale. We would like to give the lot to my brother. The lot cost just $1,000, and current taxes for us are $45. How can we best transfer ownership to my brother? Will he be responsible for more taxes than we are now? (I understand there is an "uncapping" of taxes in a RE transfer.) Would a quit claim deed be the most tax-effective way to do the transfer? Does it matter if the transfer involves no money, or is there a reason to show $1?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Tue Oct 27, 2009 11:54 pm    Post subject: Like 0 Dislike 0 Hi kriegienjj! Welcome to forums! You can use a quitclaim deed to transfer the property to your brother. If you transfer the property as a gift, you will be responsible for paying the gift taxes. However, there are certain exemptions. To know about it check out http://www.mortgagefit.com/gift.html#111114 . As far as the property taxes are concerned, I don't think it would change much. However, consulting a tax adviser in this regard would be a good option. Feel free to ask if you've further queries. Sussane

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