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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
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Experience:  JD, MBA
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My brother a foreigner, want to transfer a property he owns

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My brother a foreigner, want to transfer a property he owns in Florida to me, using a quit deed claim. Are there any Federal or State tax consequences as a result of this transaction to either one of us?
Hello and thank you for allowing me the opportunity to assist you.

It's possible that the exchange would trigger the gift tax if the property is worth more than $5 million dollars. But you do not pay the gift tax ... the donor pays the gift tax. If the property is worth less, then there would be no tax. The gift would need to be reported to the IRS, however.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated. Thank you for using our service!

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Customer: replied 3 years ago.


The property is worth about 3 to 4 K. The revised, more direct question is: "will FIRPTA be triggered when a foreign brother transfer a title to a property in Florida, using a Quit Deed claim?"

Hi again.

I apologize. I thought you merely meant that your brother was not a citizen. You meant that he does not reside in the US.

The gift tax does not apply to your brother, but FIRPTA could apply. The tax is 10%. It applies to gifts the same as sales. If it were a sale, then 10% of the sales price would be paid, but since it's a gift, it's 10% of the fair market value of the property.

But there is an exception:

"You (the transferee) acquire the property for use as a home and the amount realized (generally sales price) is not more than $300,000. You or a member of your family must have definite plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods following the date of transfer. When counting the number of days the property is used, do not count the days the property will be vacant."

If the property is worth just $4k, then that clearly meets the above requirement. If you intend to reside at the property as indicated, then the tax would not have to be paid.

Does that help?
Customer: replied 3 years ago.

You have not answered the question, if using a quit deed claim makes any difference, or if a family type transaction is possibly exempt from FIRPTA.

Hi again.

The fact that a quitclaim deed was used makes no difference. A transfer is a transfer. The transaction is not exempt merely because you are family.

Does that answer your question?
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