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I would like to know "New Mexico" law as to how to legally

 
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I would like to know "New Mexico" law as to how to legally divide and simply "gift" my daughter a portion of my property without either party being taxed for the gift. There are no mortgages on the land and I have clear Title to property.

 

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State/Country relating to question: New Mexico

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Submitted: 450 days and 21 hours ago.
Category: Real Estate Law
Value: $25
Status: CLOSED

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Expert:  lwpat replied 450 days and 20 hours ago.

Thank you for your question and for using JA. Please click accept so I will receive credit from JA for my time.

As long as the property you are gifting to her is worth less than 5 million there are no gift taxes. You are supposed to file a Federal gift tax return for any gifts over 13,000, assuming that you are single, but there is a lifetime exclusion so no taxes is owed. You can gift it to her by way of a quit claim deed. However, her cost basis in the property is zero if she ever goes to sell it.

Expert TypeAttorney
Category: Real Estate Law
Pos. Feedback: 97.8 %
Accepts: 4169
Answered: 2/13/2012

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