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quit claim deed then gift?

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tracey Guest	Posted: Fri Jul 01, 2011 2:22 am    Post subject: quit claim deed then gift? Like 0 Dislike 0 My mom wants to, in the near future, deed her house over to me. What is the, best way to go about this without me having to pay huge taxes on the property? Could she add me first with a quitclaim deed and later gift me the house? I have read that doing a quitclaim first and then gifting the property would not require paying taxes on the capital gain but I am really confused about the whole process. Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Fri Jul 01, 2011 2:37 am    Post subject: Like 0 Dislike 0 Hi tracey, Your mother can use a gift deed in order to transfer the property to you. This will make you the owner of the property and you'll be responsible for the maintenance of the property. As far as the gift taxes are concerned, your mother will be responsible for paying it. However, there is a yearly gift tax exemption of $13,000 which she can use. Take care.

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