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I would like to give to my girlfriend a small condo. Can I…

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I would like to give...
I would like to give to my girlfriend a small condo. Can I quick claim deed the property which I bought last year for $68,000 cash. Taxes issues for her or me?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 2 minutes by:
2/27/2016
Real Estate Lawyer: Richard, Lawyer replied 2 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,724
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good afternoon Lawrence. My name is ***** ***** I look forward to helping.

Yes, you can do this without worrying about any gift tax consequences to either of you. 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 $5,450,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,450,000 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 $5,450,000.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 2 years ago
Is the Qickclaim deed the method and how much approximately to do the transaction in lawyers office? Are you in Houston?
Customer reply replied 2 years ago
are you still there?
Real Estate Lawyer: Richard, Lawyer replied 2 years ago

I am in Houston. And, yes, the quit claim deed is what you would use to transfer the condo by gift. If you wanted a lawyer to do the whole thing for you, it would likely cost between $250-$500.

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Customer reply replied 2 years ago
Please provide contact number and office address
Real Estate Lawyer: Richard, Lawyer replied 2 years ago

I'm not allowed to provide personal information on line. I will extend an offer for a phone call and we can discuss representation on the call...fair enough? You should receive the offer shortly.

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,724
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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