Give Gift Of Land With Quit Claim Deed

Added October 15, 2006 by Ilyce R. Glink

Print Articles

Summary: Land can be given as a gift through the use of a quit claim deed. No taxes need to be paid if the gift is valued at less than $12,000. You might need an appraisal to prove the value of the land to the IRS.

Q: My parents would like to gift us their extra vacant lot. How do we go about this to avoid any taxes if possible? The value for tax purposes is $9,000.00

A: There would be no taxes owed if the gift is valued at less than $12,000. Since this is land, you may want to have an appraisal, so you can prove (if necessary) the value to the IRS. After that, they can use a Quit Claim Deed. I sell one on ThinkGlink.com (check out the ThinkGlink store) or you can buy one in a local stationary store.

Published: Oct 15, 2006

See more articles on this topic by clicking on the "RELATED ARTICLES" above and to the right.

We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, don't forget to post your comment below. We thank you for coming to ThinkGlink.com.

© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.

Previous article Next article