Will there be a tax consequence of giving part of my house?
September 23, 2005
Date: Sun, 28 Aug 2005
From: Karen
I own a house in my name only and want to quitclaim 50% to my significant other. Will there be a tax consequence?
Answer
Date: Wed, 14 Sep 2005
Hello Karen,
Quitclaiming the interest is a taxable gift. There is no marital deduction for interests given to a significant other. If the transfer is for services rendered, it's taxable income. I recommend that you consult with an estate planning attorney to find alternative ways to provide security for your significant other.
Good luck!
Mike Gray
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