Date:  Sun, 28 Aug 2005
From:  Karen

I own a house in my name only and want to quitclaim 50% to my significant other. Will there be a tax consequence?

Answer

Date:  Wed, 14 Sep 2005

Hello Karen,

Quitclaiming the interest is a taxable gift. There is no marital deduction for interests given to a significant other. If the transfer is for services rendered, it's taxable income. I recommend that you consult with an estate planning attorney to find alternative ways to provide security for your significant other.

Good luck!
Mike Gray

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