see this link for a lawyer's take on pros and cons if such deeds.
https://www.redfin.com/blog/what-is-a-quitclaim-deed/?msockid=3e2117998d1967073eb702978cdd66a5
the gift tax implications would be if one party was making a gift of some or all of their interest to a non-spouse. if the value was over the gift tax limit a gift tax return should be filed. Income tax implications, with a gift the donee receives the lower of the donor's tax basis or fair market value. if depreciation was taken, the donee would be responsible for reporting the depreciation recapture when the property was sold.
