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My sister and I will be inheriting a home, with equal shares going to both of us. She does not want 1/2 of the house and wants to Quit Deed it to me so that it is all mine legally. The home will be giving to both of us via our Mother's Will and there is no mortgage, or any other liens on the property. Question: If my sister quit deeds me her portion of the inheritance (home)...how can it be done as far as money exchange-she does not want any money for her share of the home so how much money needs to be involved, if any in the transfer of the home? Would there be any capital tax gains for my sister for having quit deeded me her 1/2 of the house? Is there any other costs involved? Is this considered a gift from my sister to me and will this need to be reported to the IRS on a Gift Form? Thanks, CJ

jenkin7 · Posted: Wed Jun 17, 2009 12:20 am Post subject:

Hi Guest,

If your sister quitclaims her share of the property to you and no exchange of money takes place between you and her, it could be considered as a gift. In that case, she will have to pay a gift tax. She can claim the gift tax exemption, though. As there will not be any profit from the transfer, she will not have to pay any capital gains taxes. She will, however, have to pay transfer taxes, stamp doc fees the amount of which vary from one state to another.

Guest

Mom has no mortgage or any other lien on her home. Because of health reasons, she resides with oldest brother. He is compensated for this. The house is currently empty but is listed with a leasing agency. She wants the property titled equally to the three sons as a gift. Can a Quit Deed accomplish this? What are the tax implications for both parties?

Niicss · Posted: Mon Sep 19, 2011 1:17 am Post subject:

A quitclaim deed can be used to transfer the property to you and the heirs. A gift deed or a warranty deed can also used for the same purpose. Your mother can contact a real estate attorney and he will draft the required deed for her.

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