I would like to give my property to my daughter will there be taxes?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I would like to give my property to my daughter will there be taxes?
I want to quitclaim deed my
Asked on March 26, 2018 under Real Estate Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You are doing some estate planning and that is great. Texas does not have a gift tax from what I can tell and the Federal level is around $5 million. If you are afraid of any kind of issue to her perhaps seek some counseling about adding her to the deed with a right of survivorship and filing same. Then it just becomes hers automatically when you pass away. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.