{"id":6146,"date":"2024-11-27T07:45:04","date_gmt":"2024-11-27T12:45:04","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6146"},"modified":"2024-11-27T07:45:06","modified_gmt":"2024-11-27T12:45:06","slug":"transferring-property-to-family-what-to-know-about-gift-deeds","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/transferring-property-to-family-what-to-know-about-gift-deeds\/","title":{"rendered":"Transferring Property to Family: What to Know About Gift Deeds"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1439\" height=\"618\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/transferring-property-to-family-with-gift-deeds.webp\" alt=\"\" class=\"wp-image-6147\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/transferring-property-to-family-with-gift-deeds.webp 1439w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/transferring-property-to-family-with-gift-deeds-300x129.webp 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/transferring-property-to-family-with-gift-deeds-1024x440.webp 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/transferring-property-to-family-with-gift-deeds-768x330.webp 768w\" sizes=\"auto, (max-width: 1439px) 100vw, 1439px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A gift deed signifies a voluntarily title transfer from a \u201cgrantor\u201d (the giver) to a \u201cgrantee\u201d (recipient). Recipients are often loved ones or charities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A home\u2019s transfer through a gift deed happens without consideration \u2014 meaning no money or thing of value is given in return. The deed states that the title is conveyed for no consideration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a valid gift deed, the grantor must deliver an immediate gift of the property, no strings attached. The recipient must <a href=\"https:\/\/www.deeds.com\/articles\/refusing-to-accept-a-deed\/\">accept the gift<\/a>. (Recipients always have the choice of whether to accept or refuse.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A lawful gift deed identifies the parties and their addresses, and an accurate legal description of the property. The completed deed should be filed with the Recorder of Deeds in the county where the property is located. The recorder\u2019s office has specific local procedures, fee schedules, and payment processing systems. Record the deed promptly; some states may void gift deeds left unrecorded for a certain time period.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"has-accent-5-background-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\"><strong><em>Looking for forms? You can <\/em><a href=\"https:\/\/www.deeds.com\/forms\/\"><em>find our deed forms here<\/em><\/a>. <em>The forms on this site are continually updated to comply with your state and local rules.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nuts and Bolts: Components of a Gift Deed<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-style-rounded is-style-rounded--2\"><img loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"531\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/gift-deed-vs-beneficiary-deed.webp\" alt=\"\" class=\"wp-image-6148\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/gift-deed-vs-beneficiary-deed.webp 796w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/gift-deed-vs-beneficiary-deed-300x200.webp 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/11\/gift-deed-vs-beneficiary-deed-768x512.webp 768w\" sizes=\"auto, (max-width: 796px) 100vw, 796px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Properly completed <a href=\"https:\/\/www.deeds.com\/articles\/using-a-quitclaim-deed-top-5-reasons\/\">quitclaim<\/a> deeds enable simple transfers, without title searches. They can easily transfer ownership interests to loved ones or charities.<strong><em> Note:<\/em><\/strong> Unlike a&nbsp;<a href=\"https:\/\/www.deeds.com\/warranty-deed\/\">warranty deed<\/a>, a quitclaim doesn\u2019t guarantee that the recipient is getting a free and clear title.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The effective&nbsp;gift deed contains several key traits and components:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The grantor (giver) signs the deed.<\/li>\n\n\n\n<li>If co-owners give away property, all owners and their spouses (if any) sign the deed transfer. (Spouses, even non-owners, sign to release any marital rights they might have.)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The grantor\u2019s full name and marital status; and the recipient\u2019s full name, marital status, and actual street address all appear on the deed.<\/li>\n\n\n\n<li>If there are multiple recipients, then <a href=\"https:\/\/www.deeds.com\/articles\/hows-your-property-vested-it-matters-as-much-as-your-will-or-trust\/\">vesting language<\/a>, as indicated by state law, describes how the recipient holds title, such as by tenancy in common, joint tenancy with survivorship rights, or some other form of co-ownership.<\/li>\n\n\n\n<li>A full and accurate legal description of the property appears.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.deeds.com\/articles\/deed-restrictions-how-they-impact-homeowners-and-communities\/\">Deed restrictions<\/a> limiting the use of the property appear.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To be sure your deed measures up to the statutory requirements in your state,&nbsp;<a href=\"https:\/\/www.deeds.com\/forms\/\">view available deed forms<\/a> on&nbsp;<em>Deeds.com.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Note on marital status language:<\/em><\/strong> For some couples, this constitutes sensitive information. If you need to quitclaim without declaring marital status, request a go-ahead from the title company, explaining your preference that marital status does not appear on the recorded deed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Giving Your Home to Someone: Financial Effects<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Be sure to review state <em>and <\/em>federal gift tax rules. A sole owner who brings on a loved one as a joint owner for no consideration makes a gift of 50% of the title\u2019s market value. The government considers any deed transfer a gift when there\u2019s no consideration (or when consideration is less than your home\u2019s market value).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Please note: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For a gift to a non-spouse, the deed transfer can trigger inheritance and\/or\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">gift taxes<\/a>. (As most givers don\u2019t max out their lifetime gift exemption, most don\u2019t pay gift tax.)<\/li>\n\n\n\n<li>If you give your home to someone else and the recipient ever decides to sell the gift, the recipient\u2019s cost basis will be what you originally paid for the home. Therefore, your recipient could wind up one day having to pay taxes on the <em>capital gains<\/em> on the home\u2019s appreciated property value. In contrast, beneficiaries of wills or trusts enjoy offsets to capital gains. The home\u2019s rise in value during the time you (the giver) lived in it will not be taxed.<\/li>\n\n\n\n<li>After the transfer, a recipient who derives income from the gift must pay state and federal <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">income taxes<\/a>. (The recipient need not declare the amount of the gift as income.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">So remember, gift transfers worth more than the allowable exemptions are <a href=\"https:\/\/www.deeds.com\/articles\/added-to-a-deed-what-are-the-tax-consequences\/\">taxable events<\/a>, and it\u2019s up to the giver to pay them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Note: <\/em><\/strong>There are several benefits to selecting popular alternatives to the gift deed, like <a href=\"https:\/\/www.deeds.com\/articles\/holding-real-estate-in-a-trust-or-an-llc\/\">trusts and LLCs<\/a>, which may offer tax advantages.<\/p>\n\n\n\n<p class=\"has-accent-5-background-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\"><em><strong>Thinking of transferring real estate? At\u00a0Deeds.com\u00a0we can help you create your\u00a0<\/strong><\/em><a href=\"https:\/\/www.deeds.com\/quitclaim-deed\/\"><strong><em>quitclaim deed<\/em><\/strong><\/a><em><strong>, or another deed form that fits your or your loved ones\u2019 needs.<\/strong><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quick Reminders<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Do you have a mortgage? When an ownership interest changes hands, mortgage companies may accelerate a loan\u2019s due date. So, get a go-ahead in advance from the company before transferring your gift deed.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Will the owner\u2019s homestead tax reduction be impacted? Don\u2019t forget to find out before making a deed transfer.<\/li>\n\n\n\n<li>Check with the home county\u2019s deed recording office to learn if transfer taxes will be required in your case.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Gift Deed Versus Passing the Home\u2019s Title Through a Will<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike a will, a gift deed transfers homeownership while the giver is alive. A gift deed cannot be contested once it is signed and delivered. The transfer is final.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gift deeds can also convey just a <em>partial <\/em>ownership interest in a home. If the giver dies with a partial ownership interest, the title will still go into probate along with other willed assets. The deed holder should know the difference between <a href=\"https:\/\/www.deeds.com\/articles\/the-life-estate-deed\/\">a life estate deed and a gift deed<\/a>. If the giver intends to continue living in the home, the transfer is unlikely to be deemed a gift for tax purposes. (More on tax below.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A will is usually the simplest way to transfer the deed. When the beneficiary receives the deed from a deceased owner through a will, the deed comes certified by the local probate court. But some people prefer to make a present gift out of concern that their will could be challenged by others.<\/p>\n\n\n\n<p class=\"has-accent-5-background-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\"><em><strong>Learn about <\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/dont-quit-your-claim-a-quitclaim-deed-is-not-a-mortgage-saving-or-estate-planning-tool\/\"><strong><em>quitclaiming a home to a loved one versus leaving the home in a will<\/em><\/strong><\/a><em><strong>.<\/strong><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Gift Deed Versus State-Specific Beneficiary Deed Options<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Your state might recognize and provide <a href=\"https:\/\/www.deeds.com\/transfer-on-death-deed\/\"><em>transfer on death<\/em><\/a>\u00a0forms. These \u201cbeneficiary deed\u201d forms let owners pass ownership down to a designated person.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your state allows it, you may fill out&nbsp;an&nbsp;Affidavit of Death form, sign it with a notary, and thereby designate the beneficiary of your choice. After your death, the recipient gets the title. Careful! Your beneficiary will also wind up with any debt secured to the home.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transfer on death deed is more flexible than an immediate gift transfer. The recorded form is revocable, by recording a new transfer on death deed naming a different recipient. Selling the home would also extinguish the form.<\/p>\n\n\n\n<p class=\"has-accent-5-background-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\"><em><strong>Compare and contrast the use of <\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/the-transfer-on-death-deed-is-it-always-simpler-than-probate\/\"><strong><em>transfer on death deeds versus wills<\/em><\/strong><\/a><em><strong> here.<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Note:<\/em><\/strong>&nbsp;Your situation is fact-specific. Additionally, deed transfers must follow the laws of the state where the real estate is. This article is provided for informational purposes only and is not a substitute for the tailored advice of an attorney. For questions on federal and state taxation laws, consult a tax specialist.<\/p>\n\n\n\n<div class=\"wp-block-group has-accent-5-background-color has-background has-small-font-size is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<p class=\"wp-block-paragraph\"><strong>Further References\u00a0to Read Before You Transfer a Gift Deed<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Internal Revenue Service, via&nbsp;<em>IRS.gov<\/em>: Frequently Asked Questions on Gift Taxes; and Form 709 for&nbsp;<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-709\" target=\"_blank\" rel=\"noreferrer noopener\">gifts of real estate<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Deeds.com:&nbsp;<\/em><a href=\"https:\/\/www.deeds.com\/articles\/your-mother-wants-to-add-you-to-the-house-deed-good-idea\/\">Your Mother Wants to Add You to the House Deed. Good Idea<\/a>? (Jun. 5, 2023).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Deeds.com:<\/em>&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/using-a-quitclaim-deed-what-are-the-drawbacks\/\">Using a Quitclaim Deed \u2013 What Are the Drawbacks<\/a>? (Nov. 7, 2022).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Deeds.com:<\/em>&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/should-your-childs-name-be-on-your-house-deed\/\">Should Your Child\u2019s Name Be on Your House Deed<\/a>? (Oct. 13, 2021).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/red-and-white-gift-box-with-ribbon-bow-697224\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lum3n<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/a-mother-hugging-with-a-newborn-baby-5847699\/\" target=\"_blank\" rel=\"noreferrer noopener\">RDNE Stock Project<\/a>, via Pexels\/Canva.<\/p>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A gift deed signifies a voluntarily title transfer from a \u201cgrantor\u201d (the giver) to a \u201cgrantee\u201d (recipient). Recipients are often loved ones or charities. A home\u2019s transfer through a gift deed happens without consideration \u2014 meaning no money or thing of value is given in return. The deed states that the title is conveyed for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[79],"tags":[1986,728,264,611,814,1987,361,233,179,845],"class_list":["post-6146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gift-deed","tag-deed-forms","tag-deed-recording","tag-estate-planning","tag-gift-deed","tag-gift-tax","tag-inheritance-tax","tag-property-transfer","tag-quitclaim-deed","tag-real-estate","tag-real-estate-deeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Transferring Property to Family: What to Know About Gift Deeds - Deeds.com<\/title>\n<meta name=\"description\" content=\"Learn all about gift deeds: how they work, key components, tax implications, and why they\u2019re a popular way to transfer property to loved ones or charities. 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