Legal Question in Investment Law in California
WE bought a home in Santee california with our daughter and son in law. We want to take our names off the deed. Can we quickclaim it to them with out filing the irs?
Asked on 5/11/16, 6:22 pm
1 Answer from Attorneys
If you deed the property to your daughter and son in law, it will constitute a legal gift of your share of the equity in the property. That will trigger: a) gift tax owed by you; b) additional capital gains taxes when the kids sell the house. Making an outright gift of real property is usually the single most tax-foolish thing most people can ever do.
Answered on 5/12/16, 9:05 am
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