dperhogan
Level 2

Can someone transfer ownership via quitclaim to relative with no tax consequences?  Property is second home purchased with cash.  Owner wants nothing in return.

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
You can give away a house.
A gift tax return is probably in order.
And the basis for the new owner would be the basis of the "seller".

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪