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    lmm89890's Avatar
    lmm89890 Posts: 1, Reputation: 1
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    #1

    Sep 17, 2014, 04:43 PM
    Quick Claim Deed Question in Missouri
    I would like to transfer a property that I own outright to a relative in Missouri. I am thinking of a quick claim deed. The property is worth approximately $90,000. I am basically giving this property to my relative. I have done some research and found that there is no fee for the transfer in Missouri, but I am curious of the tax implications for my relative. I do not want a tax burden on them with the IRS.
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Sep 17, 2014, 05:46 PM
    It is a QUIT claim.. IRS Publication 950, Introduction to Estate and Gift Taxes provides many examples of how the gift tax rules are applied to various situations.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Sep 17, 2014, 08:41 PM
    A gift tax return WILL be required of you (though it is likely no tax would be due if you access your Unified Estate Credit).

    I do not think Missouri has an inheritance tax, so there should be NO effect on your relative's tax situation.

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