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What is the easiest way to give your daughter a house you…

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What is the easiest...

What is the easiest way to give your daughter a house you had as a rental for 5 years?

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Michigan

Accountant's Assistant: Has anything been filed or reported?

We (deprecated) it on our taxes

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Yes would it be ok to quick claim our interest in house, or should we put it on a very small short land contract

Submitted: 6 months ago.Category: Tax
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1/4/2018
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 6 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,609
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Welcome to JustAnswer!

My name is***** will assist you today.

Completing the quit claim deed would be the the quickest and simplest way transfer the title to your daughter.

___

In this scenario, you would be gifting her the property and she would assume your cost basis in the property. Your cost basis is generally, what you paid for the home, plus improvements and minus the depreciation you previously deducted.

The life time gift tax exclusion is now approximately $11 million dollars for each tax payer.

___

Alternatively, you could place a transfer on death to the deed and the property would automatically be transferred to your daughter. In this scenario, your daughter would not immediately be the owner, but would receive a step up in basis to the fair market value when she inherited the property.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 6 months ago

If you sold the property to her below the current fair market value of the property the IRS may still deem this a gift because it is below fair market value and your relationship.

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 6 months ago

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 6 months ago

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 6 months ago

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 6 months ago

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