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    needanswersnow's Avatar
    needanswersnow Posts: 1, Reputation: 1
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    #1

    Dec 19, 2010, 09:05 AM
    Deed form for gifting real estate property
    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 ?
    mdnirmal's Avatar
    mdnirmal Posts: 3, Reputation: 1
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    #2

    Dec 26, 2010, 07:01 PM
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    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Dec 26, 2010, 07:11 PM

    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Dec 26, 2010, 07:36 PM

    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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