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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42838
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: 2 years ago.
Category: Real Estate Law
Expert:  Ray replied 2 years 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.
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.