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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33779
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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I will no longer live in my house and my granddaughter needs

Customer Question

I will no longer live in my house and my granddaughter needs a place to live,how can I transfer the house to her ?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Are you currently the only one on the deed to the house?
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Do you actually want to give it to her permanently or just let her use it?
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thanks
Barrister
Customer: replied 1 year ago.
Yes I have the Deed and yes I want to give it to her permanently, I have move in with my Daughter
Expert:  Barrister replied 1 year ago.
Ok, then this is pretty simple and all you would need to do is have a local real estate attorney or a title/closing company draft up a new deed from you as the grantor over to granddaughter as the grantee. You sign the deed and date it in front of a notary and then deliver the deed to granddaughter. She then records it and the transfer is complete..I would suggest contacting a local title or closing company as they will be cheaper and faster, probably $100-150, and can also assist with getting it executed and recorded for a small additional fee...thanksBarrister
Customer: replied 1 year ago.
Would this be considered a gift since she is move in and taking possession
Customer: replied 1 year ago.
the concern here is impact on her tax bill
Expert:  Barrister replied 1 year ago.
That is correct. It would be a gift and any amount over the $14K annual gift tax exemption would be potentially taxable to you..However, you can avoid any taxes on the transfer by filing an IRS Form 709 with your annual taxes in the year of the gift and using up some portion of your $5.34 million dollar lifetime gift tax exemption..There are no taxes due from her as the recipient of the gift...thanksBarrister

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