no mortgage on house. Valued at 212,000.00. Wish to deed property over to daughter at $1.00. What if any taxes or hidden fes would I owe?

Gift taxes to be paid by daughter, since it is being given not sold.

No mortgage on my house appraised for $212,000.00. Want to deed it over to my daughter for $1.00. What if any taxes or hidden fees would I be liable for? Thank you.

Most states do not allow a sale like this. Sales have to be at fair market value otherwise it's a gift. In which case their would be gift taxes. Though you may be under the lifetime exclusion.

Why are you doing this? If you are trying to avoid medicare it may be too late.

one option is to actually sell her the house, get it appraised and sell it for that value. You can do a loan on it and have it set in your will to forgive the loan at your death. And other options,

I would advise seeing a good attorney ( either real estate or probate) depending on why or how you are doing this.

This is just a quess,and maybe Fr_Chuck or ScottGem would know for sure about these things but have you considered a life estate instead of trying to"gift" it to her for one dollar.

Just to clarify the point about gift taxes - if any gift taxes are due they are payable by the person making the gift, NOT the person receiving the gift. In all likelihood no actual gift taxes would be due on this transaction; however, the person making the gift is required to file a gift tax return to document it, since the value of the gift exceeds the $13,000 annual gift exclusion. And also, the current owner should be sure to let the daughter know both the owner's cost basis for the property as well as the fair market value as of the date of the gift. She will need this information for capital gains reporting when she sells the house later on.

If you have not deeded it over as yet. Then please respond with more information. Gifting it over is probably not your best option. But without knowing what you want to accomplish its hard to advise what would be.

ebaines:

Nice avatar! I need to add one as well.

ALCON:

I agree that gifting the house is probably NOT the best option tax-wise, but only if the parent's estate is expected to exceed $1 million. There are a number of ways to transfer the house using a primate mortgage, then forgiving the annual payment by using the $26,000 annual exclusion ($13K for father, $13K for mother) to cover any tax issues.