Tax Question regarding Real Estate Taxes Paid on Property. Thx!?

Part of it may depend on weather both of you are on title and your giving it all to them now. If that is the case you can probably get by with just recording the quick claim deed and paying filing fees. If your giving it to someone who is not presently on the title, there is a transfer tax in most states, you should be able to use the properties assessed value from your last years property taxes to calculate the properties value for transfer tax purposes.

No matter how the property is acquired the new owner must pay all the transaction taxes based on the homes appraised value. You the current owner must have the property appraised since you are responsible for paying the gift taxes.

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