BACKGROUND:
- My brother and I own a property as joint tenants. I signed a quit claim several years ago when the property was worth $100K (using round numbers all through this query).
- Recently, I found out that he never filed the Quit Claim.
- The property's current market value is $600K, however, due to the condition of the property it would probably appraise for about $300K.
- In order to settle the situation, I want to Gift my share of the property to him and file Form 709.
QUESTIONS:
- Do I use the Market Value or the Appraised Value of the property?
- Do I need 2 or 3 Appraisals to substantiate the current value of the property OR a single Appraisal will do?
- Should you file the Form 709 with your Tax Return or anytime in the year?
- How do I make sure the Assessor:
- Uses the property value in the Form 709.
- Modifies the Title to reflect the change.
- Do I still have to file a Quit Claim with the Assessor or Form 709 is enough proof.
THANK YOU in advance for your help!
