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.
State/Country relating to question: New Mexico
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.
Practicing attorney with expertise in easements
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