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Can I do a QuitClaim Deed to family but not as a gift?

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Post Posted: Tue Feb 08, 2011 3:35 pm    Post subject: Can I do a QuitClaim Deed to family but not as a gift?
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I would like to sign my property over to family, but don't want them to pay a gift or inheritance tax. Is it possible for the property to just change hands. They would be responsible for property tax after the deed is transferred.
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jameshogg




Joined: 20 Dec 2005

Posts: 10477
Location: Nevada
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Post Posted: Tue Feb 08, 2011 7:45 pm    Post subject:
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Hi Guest,

You can sell the property over to your family for a stipulated amount. Thus, you won't have to pay the gift taxes or they won't have to pay any inheritance tax.

Thanks
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