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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55459
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I would like to give to my girlfriend a small condo. Can I

Customer Question

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: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

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.

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Customer: replied 1 year ago.
Is the Qickclaim deed the method and how much approximately to do the transaction in lawyers office? Are you in Houston?
Customer: replied 1 year ago.
are you still there?
Expert:  Richard replied 1 year 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.

Customer: replied 1 year ago.
Please provide contact number and office address
Expert:  Richard replied 1 year 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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