{"id":1148,"date":"2020-12-23T06:00:24","date_gmt":"2020-12-23T11:00:24","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1148"},"modified":"2024-04-26T06:27:55","modified_gmt":"2024-04-26T10:27:55","slug":"is-a-quitclaim-deed-subject-to-tax","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/is-a-quitclaim-deed-subject-to-tax\/","title":{"rendered":"Is a Quitclaim Deed Subject to Tax?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"389\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/is-the-quitclaim-deed-subject-to-tax-1-1024x389.png\" alt=\"\" class=\"wp-image-3564\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/is-the-quitclaim-deed-subject-to-tax-1-1024x389.png 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/is-the-quitclaim-deed-subject-to-tax-1-300x114.png 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/is-the-quitclaim-deed-subject-to-tax-1-768x292.png 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/is-the-quitclaim-deed-subject-to-tax-1-1536x584.png 1536w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/is-the-quitclaim-deed-subject-to-tax-1.png 1792w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Quitclaims are sometimes used to transfer property interests from one family member to another, or between <a href=\"https:\/\/www.deeds.com\/articles\/quitclaim-deeds-after-divorce-or-dissolution\/\">divorcing spouses<\/a>. Parents might wonder if they should use quitclaims to pass property to children to avoid the probate process. It\u2019s easy enough to do. The homeowner signs the document with a notary, takes it to the county recorder of deeds, and has it recorded. Simple. No wonder <a href=\"https:\/\/www.deeds.com\/articles\/adding-a-person-to-a-deed-using-a-quitclaim-deed\/\">adding someone to a deed<\/a> or relinquishing rights through a quitclaim is often (mistakenly) called a \u201cquick claim\u201d deed. But what does the Internal Revenue Service think?<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.deeds.com\/quitclaim-deed\/\">Quitclaims<\/a> Are Taxable Events<\/h2>\n\n\n\n<p>One common myth about quitclaims is the notion that they\ntransfer property tax-free. That\u2019s not necessarily so. In fact:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Unless the property goes to your spouse, quitclaiming\nis usually a taxable event and should be declared to the IRS&nbsp;using Form\n709. <\/li>\n\n\n\n<li>Especially if you\u2019re passing a whole or part\nhome ownership interest along to your adult children, the Internal Revenue\nService is interested. <\/li>\n\n\n\n<li>If no money is changing hands, then the\nconveyance is a gift. The federal gift tax provisions apply to the current fair\nmarket value of the transferred property. <\/li>\n<\/ul>\n\n\n\n<p>Even if no taxes apply in a given situation, it\u2019s best to know how tax policies and quitclaims interact. The IRS says <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">more about gift tax considerations and exclusions here<\/a>. <\/p>\n\n\n\n<p><strong><em>Pro tip<\/em><\/strong><em>:<\/em> Take care to avoid inadvertently giving up a homestead exemption or property tax assessment cap. This can happen when the title changes hands, unless the recipient is a spouse or a living trust. State law may offer you property tax assessment advantages for a parent-to-child transfer. For example, California lets a parent transfer a primary residence to an adult child without a new tax assessment. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quitclaims \u201cCarry Over\u201d the Giver\u2019s Tax Basis<\/h2>\n\n\n\n<p>A recipient of a free, quitclaimed property who later sells the\ngift house must declare the price that was originally paid for the house as its\ntax basis. Here\u2019s why many parents ultimately opt to leave a home to a child in\na will or trust instead, rather than simply give it to the child: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you bequeath your home to an adult child through\nyour last will, the inheritance will qualify the recipient to claim a\nstepped-up tax basis for the home. This can offset taxable capital gains\nconsiderably. <\/li>\n\n\n\n<li>A revocable trust, which bypasses probate, similarly\nhelps your beneficiaries reduce their tax burdens. They will not have to pay\ntax on your gains in market value over the length of time you have owned the\nhome.<\/li>\n<\/ul>\n\n\n\n<p>In contrast, the capital gains you have earned over your\nyears of housekeeping are <em>carried over<\/em> to the recipient through a\nquitclaim. <\/p>\n\n\n\n<p>Say you\u2019ve owned the home many years. Its market value is now\n$50,000 higher than it was when you acquired it. Quitclaim it to your children,\nand when they go to sell, they have a tax liability for that rise in value.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><em>Note:<\/em> Changes in administrations mean changes in tax policy and law. During or after 2021, the step up in tax basis for beneficiaries of wills and trusts could be eliminated. <em>Deeds.com<\/em> is watching and<\/strong> <strong>reporting on this issue. Bookmark our articles page to follow <a href=\"https:\/\/www.deeds.com\/articles\/\">real estate trends and policy changes<\/a><\/strong>.<\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">When Are Quitclaims Not Taxed?<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"319\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/quitclaim-deed-and-taxes.jpg\" alt=\"\" class=\"wp-image-3565\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/quitclaim-deed-and-taxes.jpg 480w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/12\/quitclaim-deed-and-taxes-300x199.jpg 300w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><\/figure>\n\n\n\n<p>Quitclaims are sometimes used to clarify ownership among\nheirs, to <a href=\"https:\/\/www.deeds.com\/articles\/adding-your-spouse-to-the-deed\/\">bring a\nnew spouse onto a title<\/a> or remove a divorcing spouse from a title,\nto make a charitable donation of property, or to move a home in or out of a\nrevocable&nbsp;trust. Quitclaiming a property is not a taxable event if done\nfor these reasons:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To clear up a cloud on title. Sometimes people\nsign quitclaim deeds to officially remove their name from a chain of title. Using\na quitclaim, someone with a possible claim to a property can clarify and affirm\nthat they have no interest \u2014 thus removing ambiguities from the title. This is\na clarification, rather than a gift.<\/li>\n\n\n\n<li>During divorce. A joint owner who leaves the\nwhole interest in the home to a divorcing spouse can relinquish the property\nusing a quitclaim without incurring tax.<\/li>\n\n\n\n<li>To donate the property to a tax-exempt charity.<\/li>\n<\/ul>\n\n\n\n<p>If the giver keeps a \u201c<a href=\"https:\/\/www.law.cornell.edu\/cfr\/text\/26\/20.2037-1\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">reversionary interest<\/a>\u201d in the home, like a life estate, gift taxes will not apply and that interest will remain part of the owner\u2019s taxable estate.<\/p>\n\n\n\n<p>There is also no tax when an owner quitclaims the property\ninto <a href=\"https:\/\/www.deeds.com\/articles\/holding-real-estate-in-a-trust-or-an-llc\/\">an\nLLC or a living trust<\/a>; but as other tax considerations apply, it\u2019s\nimportant to consult with your tax expert or real estate attorney for guidance\nwhen making these decisions. <\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Wills and trusts are not the only alternative to quitclaims for passing property to heirs. For example, a <a href=\"https:\/\/www.deeds.com\/articles\/update-the-state-of-the-transfer-on-death-deed\/#:~:text=The%20transfer%20on%20death%20deed%2C%20where%20available%2C%20lets%20a%20homeowner,one%20owner%20to%20the%20next.\">transfer on death deed<\/a>, if it\u2019s an option for real estate in your state, may fit the bill.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What About Using a Quitclaim in a Sale?<\/h2>\n\n\n\n<p>Quitclaim deeds rarely appear in regular home sales, but\nthere are instances in which money changes hands in a conveyance by quitclaim.\nIn these cases, the IRS considers the transfer a taxable sale. <\/p>\n\n\n\n<p>If the transferor of a quitclaim deed in a home sale lived in the home as a primary residence at least two years of the past five, <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc701#:~:text=If%20you%20have%20a%20capital,joint%20return%20with%20your%20spouse.\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">capital gains of up to $250,000<\/a> ($500,000 if the quitclaim is conveyed by a couple filing jointly) are excludable from tax. The excluded amount is taken off the taxpayer\u2019s total allowable lifetime exclusion. <\/p>\n\n\n\n<p>When investor-owners convey their properties, they are taxed\non their capital gains. Some investor-owners opt to convert rental property\ninto a primary home long enough to benefit from the lighter tax burden. Some\ndeferment strategies are available; a tax expert can go through the current\nbenefits of these in case-specific situations. <\/p>\n\n\n\n<p>And don\u2019t forget to check for possible city and state transfer\ntaxes if money has changed hands.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Avoid a Common Quitclaim Pitfall. Ask: Have Outstanding Property\nTaxes&nbsp;Been Paid?<\/h2>\n\n\n\n<p>Before transferring a title through a quitclaim, the owner\nmust pay any outstanding property taxes on the house. Otherwise, clear title is\nnot being transferred, and the taxing entity could claim the property.<\/p>\n\n\n\n<p>As long as the state, city, or other tax jurisdiction has a\nlegal claim to the property, the quitclaim deed can be held invalid. For\nsimilar reasons, the owner must resolve federal or state income tax liens on\nthe property before transferring the title, to ensure a valid conveyance. <\/p>\n\n\n\n<p>As we have regularly observed at <em>Deeds.com,<\/em> special\ncare must be taken with quitclaims. A quitclaim is not a warranty deed. It\ndoesn\u2019t come with a title search. So, if you or your business will receive an\ninterest in property through a quitclaim deed, you\u2019ll need to figure out if\nthere are any loans, liens, or taxes due on the home. You could, for example,\nlater find out that the state had already repossessed the property on account\nof nonpayment of property taxes at some point before you received the deed. Because\nof possibilities like this, you need to be sure you are receiving an interest\nat all!<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> If you or your business is receiving\na quitclaimed property interest, proactive self-defense makes sense. It\u2019s a smart\nmove to engage the services of a title insurer to run a title search before you\naccept the deed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Convey With Care<\/h2>\n\n\n\n<p>This article is provided for general knowledge, and not\nmeant for use as tax advice or legal guidance. Whether you are transferring, receiving,\nor challenging the quitclaim of a property interest, seek the advice of a real\nestate attorney in the area where the house is located. <\/p>\n\n\n\n<p>Transferring property by quitclaim is simple to do. Yet it\ncan lead to unintended consequences if certain aspects of the transfer go\nunnoticed or misunderstood. And those consequences are not so simple to undo. <\/p>\n\n\n\n<p>The integrity of a chain of title matters, and every deed should be handled with care.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/pixabay.com\/photos\/calculator-calculation-insurance-1680905\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">stevepb<\/a>, via Pixabay. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quitclaims are sometimes used to transfer property interests from one family member to another, or between divorcing spouses. Parents might wonder if they should use quitclaims to pass property to children to avoid the probate process. It\u2019s easy enough to do. The homeowner signs the document with a notary, takes it to the county recorder [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44,116],"tags":[264,814,360,722,361,233,179,721,815],"class_list":["post-1148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quitclaim-deed","category-taxes","tag-estate-planning","tag-gift-tax","tag-legal-advice","tag-property-law","tag-property-transfer","tag-quitclaim-deed","tag-real-estate","tag-tax-implications","tag-tax-policy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is a Quitclaim Deed Subject to Tax? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Tax implications of using quitclaim deeds. 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