{"id":702,"date":"2019-07-11T08:36:39","date_gmt":"2019-07-11T12:36:39","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=702"},"modified":"2024-04-25T23:21:05","modified_gmt":"2024-04-26T03:21:05","slug":"the-gift-of-real-estate-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-gift-of-real-estate-what-you-need-to-know\/","title":{"rendered":"The Gift of Real Estate: What You Need to Know"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/07\/the-gift-of-real-estate-1024x538.jpg\" alt=\"Image of a gift box with a red bow. Captioned: The Gift of Real Estate, What You Need to Know.\" class=\"wp-image-703\" width=\"512\" height=\"269\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/07\/the-gift-of-real-estate-1024x538.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/07\/the-gift-of-real-estate-300x158.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/07\/the-gift-of-real-estate-768x403.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/07\/the-gift-of-real-estate.jpg 1080w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure><\/div>\n\n\n\n<p>Making a\nhome into a gift involves a&nbsp;gift deed. The gift deed&nbsp;legally\ntransfers the&nbsp;title of the&nbsp;property from you, the grantor or donor,\nto another person or entity. This type of conveyance may be used to\nconvey&nbsp;property&nbsp;as a gift from one family member to another, or to\ndonate property to a nonprofit.<\/p>\n\n\n\n<p>A mere\npromise to convey the property at some point in the future does not constitute\na legally sound gift. A properly drafted&nbsp;deed makes&nbsp;a&nbsp;gift\noutright\u2014a conveyance for no&nbsp;consideration. In other words,&nbsp;the giver\nmakes the gift unequivocally, with no compensation expected, and no strings\nattached.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">The\nComponents of a Gift Deed<\/h2>\n\n\n\n<p>Your\neffective&nbsp;gift deed must have several traits and components:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It is created to make an immediate transfer of the owner&#8217;s interest in the property, and an actual delivery of the property.\u00a0 <\/li><li>By the deed&#8217;s explicit declaration, no consideration is necessary or expected. <\/li><li>The deed is signed by the grantor (giver).<\/li><li>The grantor\u2019s full name and marital status appear on the deed.<\/li><li>The recipient&#8217;s full name, marital status, and actual street address appear on the deed.<\/li><li>Vesting language, as indicated by state law, describes how your recipient holds title. For example, the main ways of holding residential property in your state may be tenancy by entirety, tenancy in common, or joint tenancy. <\/li><li>A full and accurate legal description of the property appears.<\/li><li>Restrictions applicable to the use of the property appear.<\/li><\/ul>\n\n\n\n<p>A deed that\ndoes not&nbsp;meet the legal&nbsp;criteria is&nbsp;revocable. In contrast,\na&nbsp;properly created gift&nbsp;is irrevocable after acceptance. (An intended\nrecipient can&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/refusing-to-accept-a-deed\/\">refuse to\naccept&nbsp;a&nbsp;deed<\/a>.) Once your gift&nbsp;is lawfully delivered and\naccepted, it&nbsp;may not be contested by your&nbsp;family members.<\/p>\n\n\n\n<p>To be sure\nyour deed measures up to the statutory requirements in your state, <a href=\"https:\/\/www.deeds.com\/forms\/\">view available deed forms, including gift\ndeed forms<\/a>, on&nbsp;<em>Deeds.com.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Giving\nYour Home to Someone: Financial Planning Ramifications<\/h2>\n\n\n\n<p>A&nbsp;number\nof tax considerations apply to gifts of real property:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You must pay the gift tax to the Internal Revenue Service. You must also pay any applicable state gift tax. The federal gift tax applies to real estate conveyances between individuals for no consideration, or token consideration.<\/li><li>Unless the gift goes to your spouse, the transfer of a home property incurs gift and      inheritance taxes <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\" target=\"_blank\">payable to the Internal Revenue Service<\/a> by filing Form 709. As the IRS explains, if the recipient ever decides to sell the gift, the recipient&#8217;s cost basis will be the same as the cost basis you originally paid for the house. Therefore, if you give a house to a child, that child will one day pay taxes on the (typically steep) capital gains\u2014reflecting taxes due for appreciation of the property value. This means your child will not later qualify to claim the stepped-up cost basis that beneficiaries of wills enjoy to offset capital gains.  <\/li><li>The recipient of your gift need not declare it as income. <\/li><li><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\" target=\"_blank\">If the property earns income after the conveyance<\/a>, the recipient will owe state and federal income taxes.<\/li><\/ul>\n\n\n\n<p>If you own\nyour home as part of a&nbsp;joint tenancy, a tenancy by the entirety, or as\ncommunity property&nbsp;with the right of&nbsp;survivorship,&nbsp;the gift must\nbe authorized by all grantors&#8217;&nbsp;signatures. Spouses must&nbsp;release\nmarital rights with their signatures\u2014even spouses with no&nbsp;interest in the\nproperty described in your&nbsp;gift deed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alternatives\nto Conveying Property by a&nbsp;Gift Deed<\/h2>\n\n\n\n<p>There are\nseveral benefits to selecting popular alternatives to the gift deed. Here are\nsome prominent categories. (You can find more examples and descriptions <a href=\"https:\/\/www.deeds.com\/articles\/holding-real-estate-in-a-trust-or-an-llc\/\">here<\/a>.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The\nRevocable&nbsp;Trust<\/h3>\n\n\n\n<p>This is a\nliving trust\u2014a document setting forth how your property will be managed\u2014which\nyou can dissolve or amend as you see fit. Such trusts serve&nbsp;to keep assets\nfrom going through probate, where they can be contested. Note that your home\nwill continue to be part of your taxable estate.<\/p>\n\n\n\n<p>When&nbsp;you&nbsp;die\nor become unable to control the trust, a&nbsp;successor trustee&nbsp;steps into\nyour place.&nbsp;You may name a corporate, unbiased trustee.<\/p>\n\n\n\n<p>An advantage\nto conveying your home at death through&nbsp;a&nbsp;revocable trust, rather\nthan making a gift of the home within&nbsp;your lifetime, is\nthe&nbsp;stepped-up&nbsp;tax basis. This&nbsp;can spare the recipient\nsignificant capital gains taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The\nIrrevocable Trust<\/h3>\n\n\n\n<p>With an\nirrevocable trust, you direct a trustee to&nbsp;manage&nbsp;the trust for a\ncertain outcome. Then,&nbsp;assets,&nbsp;income, and tax returns are shifted to\na trustee&#8217;s management and control.&nbsp;<\/p>\n\n\n\n<p>Trust&nbsp;assets\nwill pass&nbsp;to your chosen beneficiary upon your death.&nbsp;<\/p>\n\n\n\n<p>The\nadvantage? An irrevocable trust&nbsp;bypasses&nbsp;probate and estate tax. The\ndrawback? This type of trust&nbsp;creates&nbsp;restrictions on&nbsp;selling,\nrefinancing, and having access to the equity of your home while you are\nalive.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The\nTransfer on Death Deed<\/h3>\n\n\n\n<p>Some states\nnow allow transfer on death deeds for real estate, to convey home\nownership&nbsp;after your death. If your state allows it, you may fill\nout&nbsp;an&nbsp;Affidavit of Death form, sign it with a notary, and thereby\nconvey your home to the beneficiary of your choice.<\/p>\n\n\n\n<p>A transfer\non death&nbsp;contains&nbsp;no&nbsp;warranty to protect recipients from claims\nafter they receive the property. Should you have any loans or agreements on the\nproperty, these obligations will pass, after your death, to the recipient.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Finishing\nUp the Gift: Recording the Deed&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Record your\ngift deed in the county where the property is located. The recorder&#8217;s office\ncan tell you which materials to append to your filing, the amount of the fee,\nand accepted payment types. Some states (<a href=\"https:\/\/www.deeds.com\/forms\/north-carolina\/gift-deed\/\">North Carolina<\/a>,\nfor example) require the recording of a gift deed&nbsp;within two\nyears,&nbsp;or the gift is&nbsp;void.<\/p>\n\n\n\n<p>Please note\nthat this article is intended&nbsp;as general information for our readers. It\nis not a substitute for an attorney&#8217;s case-specific advice. Contact a lawyer if\nyou have&nbsp;case-specific questions about gift deeds. Should\nyou&nbsp;have&nbsp;questions concerning state or&nbsp;federal tax&nbsp;law,\nconsult your&nbsp;tax specialist.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making a home into a gift involves a&nbsp;gift deed. The gift deed&nbsp;legally transfers the&nbsp;title of the&nbsp;property from you, the grantor or donor, to another person or entity. This type of conveyance may be used to convey&nbsp;property&nbsp;as a gift from one family member to another, or to donate property to a nonprofit. A mere promise to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79],"tags":[],"class_list":["post-702","post","type-post","status-publish","format-standard","hentry","category-gift-deed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Gift of Real Estate: What You Need to Know - Deeds.com<\/title>\n<meta name=\"description\" content=\"Making a home into a gift involves a gift deed. 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