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how can my inlaws change deeds of house into my wifes and

Customer Question
how can my inlaws change...
how can my inlaws change deeds of house into my wife's and my name
Submitted: 8 years ago.Category: Tax
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Answered in 1 minute by:
6/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello maxe,

Will they simply be giving you this house as a gift with no money involved?

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Customer reply replied 8 years ago
yes
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again maxe,

The simplest way to do this is simply have them fill out and sign a Quit Claim Deed. You would not even need to pay an attorney or anyone to do this, as this is accomplished quite easily.

Quit Claim Deed forms are available at most office supply stores, such as Office Depot or Office Max. It is just basically a one page form that says Party A is transferring to Party B for the consideration of $1 (token amount) and a description of the property from the deed. Once it is filled out and signed, you just take that to the county Recorder of Deeds and have it filed.

The one other thing you need to keep in mind, is that there is an annual limit of $13,000 on gifts that may be given to any one individual, and I assume the home exceeds that value. If that is the case, the parents will need to file Form 709 with the IRS to report the value of the gift given. Each individual has a lifetime exemption of $1 million on gifts before gift tax would be due, so there is no tax due with this form, but it is a reporting requirement.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you maxe.

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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