How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3780
Experience:  20+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

Are there any tax implications when transferring ownership

Customer Question

Are there any tax implications when transferring ownership of a home to my aunt that was given to me by my grandmother and what is the best way to complete this transfer (quit claim deed or a waranty deed)
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided, there may be a reporting requirement for you if the value of the gift is more than $14,000. You will be required to file Form 709. You would not be required to pay taxes on the gift unless you have exceeded your lifetime cap of $5.43 million.

Gifts are never taxable to the recipient (your aunt).

As to quit claim v. warranty deed, a quit claim deed will suffice. Quit claim deeds are used when the property is not the subject of a traditional sales transaction.

Please let me know if you require further information or clarification.

Thank you and best regards,


Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.

Best regards,