second home property transferred via quitclaim to relative

dperhogan · ‎06-01-2022

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

Just-Lisa-Now- · ‎06-01-2022

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♥¸¸.•*¨*•♫♪

second home property transferred via quitclaim to relative

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