Q: I have a home that I would like to give as gift and remove my name off the deed. How can I do this cheap n easy?
A: The transfer can be accomplished by deed. There will be preparation charges of $250.00-350.00. If the transfer is not to an immediate family member, there will be a 2% transfer on the fair market value. Depending on the value of the home, there may be gift tax consequences. If so, you may be advised to split your gift in two different calendar years and may be advised to file a gift tax return. This should all be reviewed with a lawyer, and costs will likely range from $250.00-750.00. There will also be a charge to record the deed and that varies from county to county.
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