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It's a simple process. the party giving up the ownership would sign a quit claim deed transferring his/her ownership interest to the party who will be owning the property. The deed needs to be witnessed, notarized, and then recorded in the real property
records of the city/county in which the property is located. That's it! There should be no gift tax consequences. Recipients of gifts are not subject to gift tax. And, there should also be no gift tax due from the donor. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,430,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,430,000 in gifts over and above the $14,000 annual gift exclusion amount 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 additional gifts have exceeded the $5,430,000.
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