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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2822
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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Are there any tax implications when transferring ownership

Customer Question

Are there any tax implications when transferring ownership of a home to my aunt that was given to me by my grandmother and what is the best way to complete this transfer (quit claim deed or a waranty deed)
Submitted: 8 months ago.
Category: Tax
Expert:  Barbara replied 8 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided, there may be a reporting requirement for you if the value of the gift is more than $14,000. You will be required to file Form 709. You would not be required to pay taxes on the gift unless you have exceeded your lifetime cap of $5.43 million.

https://www.irs.gov/uac/About-Form-709

Gifts are never taxable to the recipient (your aunt).

As to quit claim v. warranty deed, a quit claim deed will suffice. Quit claim deeds are used when the property is not the subject of a traditional sales transaction.

http://homeguides.sfgate.com/difference-between-warranty-deed-quitclaim-deed-3298.html

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Expert:  Barbara replied 8 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.

Best regards,

Barb

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