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How do I report turning a home over to my daughter for a nominal $100.00?
I purchased a foreclosure 9 years ago for my daughter to live in rent free and signed it over for $100.00. How do I file this?
June 4, 2019
2:13 PM
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Deductions & credits
Fortunately, the transfer of property is not a taxable event. You should, however, file a Quit Claim Deed with the county to document the change in ownership. But you do not need to include this transaction on your tax return (nor does your daughter).
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June 4, 2019
2:13 PM