You should be able to simply quitclaim your interest to your children. So long as it is an actual gift without consideration other than love and affection, you shouldn't have to pay any real estate excise tax either. You will likely have to fill out some supplemental excise tax forms to claim the exemption, however. An attorney should be able to help you get the specific wording down correctly for the deed. It looks like you have a 1/4 interest and you probably want to be sure your kids get an equal share of your portion. If 2 kids, then each gets an 1/8th share for example.
Answered on Jun 13th, 2013 at 11:27 AM