In transferring real estate property title as a gift, what deed form must the donee use and what proof does he need to show the IRS that it's a gift & not a sale ?
In transferring real estate property title as a gift, what deed form must the donee use and what proof does he need to show the IRS that it's a gift & not a sale ?
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A Quit claim deed is what is necessary. The giver will have to file a form with their return indicating it's a gift and may have to pay taxes on the gift. A copy of that portion of the return can be given to the recipient.
Yes, the person who is giving, can use any main type of deed they wish, quit claim is the easiest and most common but they can do a warranty deed if they wish.
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