For taxes purposes, you can simply transfer ownership by way of a Quit Claim Deed...signing it, having it witnessed and notarized, and then recording it in the Real Property records of the city/county in which the property is located. There should be no gift tax consequences. Each donor can give $13,000 per year per person under the annual gift exclusion. In addition to that, each person has a $5,000,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,000,000 in gifts without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative gifts have exceeded the $5,000,000.

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