Using a gift deed, you can transfer your home to a new owner. The transfer of a gift deed occurs among friends and relatives, or between donors and charities. The giver of the gift deed, formally known as a grantor or donor, conveys the home to the recipient or donee while the donor is alive.
The special hallmark of the gift deed is its transfer of real property between people with no consideration. Only use it if no money and nothing of value is given for the home. (Careful, though: to the IRS, a house sold for a dollar is still a gift.)
Here, we shine a spotlight on the gift deed from some specific angles:
- We’ll zoom in on two places where many of our clients and readers love to give: Arizona and Florida.
- We’ll discuss the tax implications of your gift deed.
- We’ll outline the alternative ways you can give your home away or transfer its inherent value to your loved ones.
So, if you’re feeling generous, read on!
Continue reading “House Gift: Transferring Your Arizona or Florida Home Through a Gift Deed”