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Will there be a tax consequence of giving part of my house?

September 23, 2005


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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IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Will there be a tax consequence of giving part of my house?

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