Date: Sun, 28 Aug 2005
I own a house in my name only and want to quitclaim 50% to my significant other. Will there be a tax consequence?
Date: Wed, 14 Sep 2005
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.
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.