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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 53967
Experience:  29 years of experience practicing law, including tax and estate planning.
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I need to transfer the title ownership of $200,000 house to

Customer Question

I need to transfer the title ownership of $200,000 house to my daughter throught warraty deed as gift. How much it cost for it?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

There will not be any gift tax. And, you can do the deed yourself without engaging a lawyer. You would simply sign the deed transferring title to your daughter, have it witnessed and notarized, and then have it recorded in the real property records of the city/county in which the property is located. There will be a very small nominal recording fee. If you need a form for the deed, let me know and I'll be happy to provide you one which you can then easily complete with your specific facts.

Expert:  Richard replied 1 year ago.

As I mentioned, there will be no gift tax. And you can transfer the title without an attorney; to do so you would simply sign the deed transferring title to your daughter, have it witnessed and notarized, and then have it recorded in the real property records of the city/county in which the property is located. There will be a very small nominal recording fee. If you need a form for the deed, let me know and I'll be happy to provide you one which you can then easily complete with your specific facts. Your basis transfers to her, but once she lives in it for at least 2 years as her principal residence, she will be eligible for an exclusion from gain of up to $250,000 from the sale of a principal residence.