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I acquired a piece of real estate from my mother for $1 dollar

about 10 years ago....
I acquired a piece of real estate from my mother for $1 dollar about 10 years ago. It's in my wife and my name. It is totally un-encumbered. It is located in the state of North Carolina. Can I add my brother to the deed , or my brother and his wife in the same manner as part ownership passing with in the same family. Same family sir name?

The intent is to share the profits after a sale and reduce the Capital gains tax consequences to me.

At the time it was passed to me from my mother I understood that while it was mine legally, my brother was equal owner morally and I intend to honor that understanding.
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Answered in 3 minutes by:
11/2/2010
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,999
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. Yes, you can quit claim an undivided interest in the property to your brother and his wife. This deed would need to be witnessed, notarized, and then recorded in the local real property records where the property is located. You and your wife each have a $1,000,000 lifetime gift exemption, so as long as the interest you are transferring is under these amounts and you have not used these amounts previously, you should suffer no gift tax consequences as a result of the transfer.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
Category: Tax
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