Posted on: 04th Mar, 2009 06:18 am
We both bought a property in Fl and own it. I would like to re-write it now to the ownership of my wife only. Do I have to sell or just grant it. What are the taxes of this transer? Do I need a layer.
Hi chemdesign,
You do not have to sell the property. You just need to sign a quit claim deed as a grantor transferring the title to your wife as grantee. You need to pay certain taxes like doc stamp taxes, transfer taxes etc. However, if you quitclaim it as a gift you can avail gift tax exemption upto a certain limit.
You do not have to sell the property. You just need to sign a quit claim deed as a grantor transferring the title to your wife as grantee. You need to pay certain taxes like doc stamp taxes, transfer taxes etc. However, if you quitclaim it as a gift you can avail gift tax exemption upto a certain limit.