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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36977
Experience:  Texas Attorney for 30 years dealing in real estate
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If we do a quit claim from me to my daughter, would we be

Customer Question

If we do a quit claim from me to my daughter, would we be subject to a gift tax with the IRS? I owe about half on the property still.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.
Hi and welcome to Ja. I am Ray and will be the expert helping you today.
No the current exemption is $5,4300,000 for an individual lifetime.Anything over $14k in a year gets reported on your return for information only purpose, not taxes here on such a gift under the exclusion.
Reference..
http://www.forbes.com/sites/deborahljacobs/2013/10/31/irs-raises-limit-on-tax-free-lifetime-gifts/
No state gift taxes here either in Colorado.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

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