Will there be a tax consequence of giving part of my house?
September 23, 2005
Date: Sun, 28 Aug 2005
I own a house in my name only and want to quitclaim 50% to my significant other. Will there be a tax consequence?
Date: Wed, 14 Sep 2005
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.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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