All Knox County specific forms and documents listed below are included in your immediate download package:
The Following Kentucky and Knox County supplemental forms are included as a courtesy with your order.
Consideration Certificate (Kentucky Document)
Consideration Certificate Exemptions (Kentucky Document)
Transfer Tax Information & Exemptions (Kentucky Document)
Kentucky Statute 132.810 Homestead exemption -- Application -- Qualification. (Kentucky Document)
Application for Exemption (Kentucky Document)
Including:
Gift deeds convey title to real property from one party to another with no exchange of consideration, monetary or otherwise. Often used to transfer property between family members or to gift property as a charitable act or donation, these conveyances occur during the grantor's lifetime. Gift deeds must contain language that explicitly states that no consideration is expected or required. Ambiguous language, or references to any type of consideration, can make the gift deed contestable in court.
A lawful gift deed includes the grantor's full name and marital status, as well as the grantee's full name, marital status, vesting information, and mailing address. Vesting describes how the grantee holds title to the property. Generally, real property is owned in either sole ownership or co-ownership. For Kentucky residential property, the primary methods for holding title are tenancy in common, joint tenancy, and tenancy by the entirety. An estate conveyed to two or more persons is considered a tenancy in common, unless a joint tenancy is specified. An estate conveyed to a husband and wife vests as a tenancy in common, unless a tenancy by the entirety with full right of survivorship is expressly stated (KRS 381.050).
As with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Recite the prior deed reference to maintain a clear chain of title, and detail any restrictions associated with the property.
In Kentucky, most conveyances of real property require a statement of consideration. A transfer tax is levied based on the actual consideration stated and paid. When real property is gifted from one party to another and no consideration is exchanged, tax is paid on the property's estimated value, so that amount must be stated within the instrument (KRS 382.135(1)(e)). "Value," as defined by KRS 142.050(1)(b)(2), is "the estimated price the property would bring in an open market and under the then prevailing market conditions in a sale between a willing seller and a willing buyer, both conversant with the property and with prevailing general price levels." Each grantee must join in signing to certify the consideration statement.
The deed must be signed by both the grantor and grantee and acknowledged by an authorized individual. All signatures must be original. In Kentucky, deeds also require a preparation statement, comprised of the document preparer's name, address, and signature (KRS 382.335(1)). Instruments also require the name and address of the person to receive future tax statements on the subject property (KRS 382.135(1)(d)).
Record the completed gift deed with the clerk's office in the county where the subject property is located. Contact the same office to confirm recording fees and accepted forms of payment.
With gifts of real property, the recipient of the gift (grantee or donee) is not required to declare the amount of the gift as income, but if the property accrues income after the transaction, the grantee is responsible for paying the requisite state and federal income tax [1].
In Kentucky, there is no state gift tax, but gifts of real property are subject to the federal gift tax. The person or entity making the gift (grantor or donor) is responsible for paying the federal gift tax; however, if the donor does not pay the gift tax, the donee (grantee) will be held liable [1]. In accordance with federal law, individuals are permitted an annual exclusion of $15,000 on gifts. This means that gifts valued below $15,000 do not require a federal gift tax return (Form 709). However, if the gift's value could possibly be disputed by the IRS, a donor may benefit from filing a Form 709 [2].
This article is provided for informational purposes only and is not a substitute for the advice of an attorney. Contact a Kentucky lawyer with any questions about gift deeds or other matters related to the transfer of real property.
[1] http://msuextension.org/publications/FamilyFinancialManagement/MT199105HR.pdf
[2] https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
The documents you receive here will meet, or exceed, the Knox County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.
Get your Knox County Gift Deed form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.
March 29th, 2023
Name: Georgia R.
Review: Great experience, fast and efficient, no hassle. Will use again!
Reply from Staff on March 29th, 2023
Thank you for your feedback. We really appreciate it. Have a great day!
March 27th, 2023
Name: Melody M.
Review: Thank you Deeds.com for making our Quit Deed process easy and efficient. The instructions and example forms are a must! Excellent value for the price.
Reply from Staff on March 27th, 2023
Thank you for your feedback. We really appreciate it. Have a great day!
March 27th, 2023
Name: Joan B.
Review: So quick and easy! No searching for a parking place or waiting in line. Thank you!
Reply from Staff on March 27th, 2023
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Name: Gregory J.
Review: Ordered two separate forms for two separate states at two differnt times and couldn't be happier with my purchase. When compared to the cost of having two different attorneys prepare the forms I needed, the value of deeds.com couldn't be beat!
Reply from Staff
Thank you Gregory. We appreciate you taking the time to leave your feedback. Have a great day!
Name: Dorothea B.
Review: The Affidavit- Death of Joint Tenant form you provided is not the same form as showed on the Los Angeles County property tax website. It appears that the LA county form requires entering additional info that is not included in your form.
Reply from Staff
Thank you!
Name: Ralph L.
Review: Thank you.Very good.
Reply from Staff
Thank you for your feedback. We really appreciate it. Have a great day!
Name: Suzanne M.
Review: Easy to download this form. I will use it when the time comes to transfer title of my house.
Reply from Staff
Thank you for your feedback. We really appreciate it. Have a great day!
Name: Glenn H.
Review: Searched online 3 hours until I found Deeds.com, afterwards smooth sailing definitely 5 stars
Reply from Staff
Thank you for your feedback. We really appreciate it. Have a great day!
Name: MARIA P.
Review: I finally was able to download the forms. Thank you and I know I will be able to use your service anytime I may need a legal document. Thanks again!
Reply from Staff
Thank you!
Name: Khadija K.
Review: Great Service. Not only the required form, but also the state guidelines. Thank you for making it easy.
Reply from Staff
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Name: William C.
Review: Good service, great price, the website is a bit hard to maneuver in places.
Reply from Staff
Thank you for your feedback. We really appreciate it. Have a great day!
Name: Shirley R J.
Review: Great website.....fast and easy access!
Reply from Staff
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Name: Tuesday G.
Review: This was a great site to use. They responded quickly when needed. And with i 24 hours the deed was filed. Very happy with with site and company! Thank you!
Reply from Staff
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Name: Jeff R.
Review: Great company. I had some issues with what I had prepared on my end but my contact at Deeds.com helped me with modifying the documents and submitted them successfully. Thanks for going the extra mile
Reply from Staff
Thank you for your feedback. We really appreciate it. Have a great day!
Name: Rebecca C.
Review: I actually like this site, Its quick and user friendly.
Reply from Staff
We appreciate your business and value your feedback. Thank you. Have a wonderful day!