I may have asked this question before, but I don't think I did. My dad has given me his camp at Sam Rayburn. I have been paying the electricity, and taxes for some time now. So it's time to get serious about changing the title. Have any of you used a Gift Deed to transfer property from a family member ? If so what steps are required? I guess the easy thing would be to have a lawyer draw up the forums, and file them. But I would like to save a few dollars if I can.
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Originally posted by BrianL View PostFannin County?
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Originally posted by Burnadell View PostJust know that if he gifts it to you, his cost basis goes along with the gift. If you wait until he dies, and you inherit the property, you get a step up in basis, and your cost basis is then the fair market value on the date of death. If there has been much appreciation since he bought it, you may want to consider that and hold the deed and not file it unless it becomes practical. You may save a lot of taxes down the road!
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Originally posted by wsteffen View PostYou could look into a quitclaim deed. I did this with some property in Montgomery County years ago. Cheap and simple. Seeing that it is your father, there shouldn't be any problems.
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Originally posted by The Crippler View PostPlease, please don't do this. A quitclaim deed does not convey title. Spend a couple hundred dollars on a professional, he or she will save you time and money down the road and give you peace of mind.
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Originally posted by The Crippler View PostPlease, please don't do this. A quitclaim deed does not convey title.
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Originally posted by 2B4Him View PostThis is not accurate. A quitclaim deed generally transfers all of the title that the grantor has, without necessarily warranting it. If there is a problem down the road, the problem existed before the grantor did the quitclaim deed.
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