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dperhogan
Level 3
June 2, 2022
Question

second home property transferred via quitclaim to relative

  • June 2, 2022
  • 1 reply
  • 9 views

Can someone transfer ownership via quitclaim to relative with no tax consequences?  Property is second home purchased with cash.  Owner wants nothing in return.

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
June 2, 2022
You can give away a house.
A gift tax return is probably in order.
And the basis for the new owner would be the basis of the "seller".
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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