Legal Question in Real Estate Law in Missouri

Gift Tax
I have searched different sites trying to understand the tax consequences of adding a child to the deed on a home. More confused than when I started. From what I have read, putting a child on a deed to a home creates a gift tax for the parent. I don't want to sign the home over to the child, but after reviewing the Quitclaim Deed form it appears thats what we would be doing. All we want is to avoid probate in the event of my or husband's death, or arguments between other siblings. Child is grown that lives with me. Home's value is well below the $690,000 to $1,000,000. Will adding my child's name to the deed on our home create a gift tax bill for me and my husband?

Asked on 1/23/06, 1:21 am

Richard Stevens The Stevens Law Firm

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0 attorneys agreed

Re: Gift Tax

yes. other options exist which you should discuss with a lawyer.

Answered on 1/24/06, 10:33 am

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