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As a follow up to this answer that was posted recently about quit claim deeds: "If somebody quit claims the property to you it may be considered as a gift to you. In that case if the value is over $12,000 which is per year per person gift limit, he/she have to file a form (706 or 709) with his/her taxes which states to consider the excess amount of his/her gift as part of his/her $1 million lifetime gift exemption."

I want to give my house to my son and daughter-in-law. Can I put both of them on the quit claim deed and then they each can claim half the value? Can we put the value at what I paid for it 16 years ago, or do we have to used the appraised value? Are there any tax consequences for me if I give it to them? How about if I sell it to them? Do I have to claim what they pay me as income?

adonis · Posted: Sun Mar 13, 2011 10:04 pm Post subject:

Welcome plawless,

You can add both your son and daughter-in-law in the property deed. You will have to put the appraised value of the property in the property deed. If the transfer of the property falls within the gift tax exemption limits, then you won't be liable for paying any gift taxes.

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