Posted on: 05th Sep, 2009 09:55 pm
Mom and Dad have a rental house with no mortgage. Can we quit claim our daughter onto the deed with no tax consequences?
As parents, you can quitclaim the property to your daughter. However, you would be liable for paying the gift taxes. To know about gift taxes, check out the following page:
http://www.mortgagefit.com/gift.html#111114
http://www.mortgagefit.com/gift.html#111114