what form to use to show a gift to a family memeber? we wrote a note indicating change of title as a wedding gift using the formula of 11k per yr per person over a 2 yr period. do we need a legal piece other than just our written note? I know irs requires a form but what do we use for the parties involved?
1 Answer from Attorneys
When gifting real property it is important that the gifts be done in the proper form, which means a deed that is recorded in the county records. If it is not done that way, there is no gift and the title to the property will not change and it will remain in your name.
Such transfers are complicated to do correctly. You need to immediately contact an attorney to get the transfer done right. From the information you give here,it would appear that your gifts are not completed and the transfers have not actually occurred.
Our office handles such transfers regularly and would be happy to help you do this correctly.