Since I do not know what her brother has said, I will not answer that question. An individual is permitted to gift $14,000 per year to any other individual. Anything over that amount is taxed. So, the value of the house minus $14,000 is the amount you will have to pay taxes on. The tax is due to the IRS and the county that you live. Beside recording the Quit Claim Deed, you are required to file an Excise Tax Affidavit with the auditor. Once filed, the house will be in her name for property tax payment. You need to see an Estate Planning attorney to help you. If you had waited until your death to make the transfer, it would have been tax free to the beneficiary.
Answered on Feb 11th, 2015 at 3:25 AM