How to transfer property to family member?

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Hukedonfonix4me
Posts: 144
Joined: Thu Oct 13, 2016 3:00 pm

How to transfer property to family member?

Post by Hukedonfonix4me » Sun Jan 27, 2019 9:14 am

Wife has BIL house solely in her name. He is ready to have transfered into his name and be responsible for the property in its entirety. He is divorced, single.

Purchase price ~$25,000 in 2010 out the door. 2018 Tax Statement shows land: $10,000 + improvements: $4,830 = $14,830 assessed.

Residence being discussed is located in Texas.

What low/no cost options are available? How to avoid messes/tax consequences? Quitclaim deed? Do we need to put my name on this property with my wife before taking any other steps so we can double yearly gift space ($16,000x2)? Does this even matter since tax appraisal is low? Will this impact our 2019 taxes, forms to be aware of?

Property is paid off in full. To be clear, my wife and I want no money and are not “selling” to BIL. Really just looking for a deed/title transfer.
"While some mutual fund founders chose to make billions, he chose to make a difference." | -The Bogleheads' Guide to Investing

riverguy
Posts: 496
Joined: Sun May 23, 2010 10:33 pm

Re: How to transfer property to family member?

Post by riverguy » Sun Jan 27, 2019 9:58 am

Quitclaim from you and your wife to BIL. Important for BIL to have you on there to disclaim any interest you may have in the property as husband of the owner. Find a an example of a Texas quitclaim deed, add the property description from your wife’s deed, notarize it and record it. Should be pretty simple.

Topic Author
Hukedonfonix4me
Posts: 144
Joined: Thu Oct 13, 2016 3:00 pm

Re: How to transfer property to family member?

Post by Hukedonfonix4me » Sun Jan 27, 2019 12:59 pm

Thanks!
"While some mutual fund founders chose to make billions, he chose to make a difference." | -The Bogleheads' Guide to Investing

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