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Gift Deed for property

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    Gift Deed for property

    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.

    #2
    I just went through this process and used a lawyer. We all signed the contract with a notary and it was done. Processing took a few weeks but nothing major.

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      #3
      Fannin County?

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        #4
        Originally posted by BrianL View Post
        Fannin County?
        Just 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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          #5
          I just sold 2 acres to my parents. Used a real estate attorney to draw up the paperwork. $150

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            #6
            Just have your dad sell it to you for $10.

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              #7
              You 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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                #8
                Originally posted by Burnadell View Post
                Just 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!
                This right here is really good information. I agree with what @Burnadell is saying. I believe that is right on the money here. If you have a CPA, I would consult them, or just find one that some friends or business associates can recommend and they will be able to explain it in a way you can understand. But, this is pretty much it right there.

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                  #9
                  Cant you be gifted a certain amount of property (value) per year without being taxed?

                  My brother and I will be dealing with same over about 100 acres

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                    #10
                    If you have siblings, stepfamily, or think he might at some point, I would do it now. What Bdell is saying is correct, if you sale at some point. Bird in the hand...

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                      #11
                      Originally posted by wsteffen View Post
                      You 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.
                      Please, 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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                        #12
                        Originally posted by The Crippler View Post
                        Please, 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.
                        Yep. Happened to me on a piece of property I bought this year. The previous owner's father quitclaimed it to him years ago, but the dodo forgot that he had set the property up in a trust. Title company caught it, and we couldt proceed until we did a deed correction. The owner was not happy! Oh well.....im just glad he didn't back out over the whole fiasco.

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                          #13
                          Originally posted by BrianL View Post
                          If you have siblings, stepfamily, or think he might at some point, I would do it now. What Bdell is saying is correct, if you sale at some point. Bird in the hand...
                          This. Strike while the iron is hot!

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                            #14
                            Originally posted by The Crippler View Post
                            Please, please don't do this. A quitclaim deed does not convey title.
                            This 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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                              #15
                              Originally posted by 2B4Him View Post
                              This 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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