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    joe maamaa's Avatar
    joe maamaa Posts: 1, Reputation: 1
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    #1

    Feb 28, 2008, 12:36 PM
    Property tranfer to family member
    I understand there is a one time way for a family member to transfer real estate to another family member with no taxes. In this case it would be a mother to her son. If this is possible, what is the tax code. Would a quick claim work?

    Regards, joe
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 28, 2008, 12:44 PM
    I think its possible between spouses only.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Feb 28, 2008, 01:24 PM
    Transferring real estate would be considered a gift. If the value is greater than $12,000 the gift would have to be reported by the mother to the IRS on a gift tax return, and is counted against her $1M lifetime gift tax exclusion. If the value of the property is greater than $1 million, she (the mother) is liable for the payments of the gift tax. If the value is between $12,00 and $1,000,000 no tax paytmnets are due now, but there may be implications in how the mother's estate could be taxed when she dies.
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