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After you file
No such thing as a "gift deed" so it's probably just a quitclaim deed with zero consideration for the transfer. You could treat this as a nonevent especially if your parent didn't file a gift tax return when your name was placed on the deed at the time of purchase. Otherwise, you could file a gift tax return, form 709, to show the FMV of the "gift" back to your parent.
‎January 3, 2025
9:46 AM