Q: We only have green cards currently. Do I have to pay federal gift tax if I include my spouse in the title to our home?
Due to some personal reasons my wife did not include her name in our home deed when we purchased our home (while we were married) last year. I currently hold title as sole and separate owner. A year later, we are well past some of our personal problems now and I want to try and include her name in the deed for our home. I keep reading that interspousal transfer of property to non-citizens is considered a gift and the yearly limit on the gift value is $152000. Does this hold true in my case and if so is there any way around this? I want to give her rights of survivorship to the home in some form. In my situation is a transfer-on-death deed in her name a better idea than interspousal transfer deed to give community property rights?
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