If it is real property, you need to fill out a grant deed transferring the property to the other person. Also, if it is California real property, you will need to fill out a PCOR (preliminary change of ownership report) which will determine whether the property taxes will change. If it is another type of property, the manner of transfer will depend upon the nature of the property. Depending upon the value of the property, you may need to file a gift tax return. That is the only generalization I can provide to your general question.
Answered on Jul 21st, 2011 at 12:05 PM