You will likely have a consequence, yes. A quitclaim is a type of gift. If you give a gift that has a value of greater than $15,000 to any individual, you are responsible for paying gift tax on the gift. However, it is likely you will not actually end up paying tax on the gift. Instead, you will file Form 709 (Gift Tax Return), and claim the Universal Life Credit against the tax. This credit is for gift and estate tax. The credit is enough to cover over $11,000,000 of gift and estate assets that can be taxable during the lifetime, and just after passing and transferring the estate.
It is not automatic that you will have gift tax. You mentioned that you have been renting the house for a period. Thus, you have (or should have) been claiming depreciation during that time. This reduces the basis cost of the home, and also the amount you are gifting. For example, if you originally purchased the home at $100,000, but you have taken $88,000 of depreciation during that time, the value of the gift is only $12,000 (which is what she will then have as basis in the home when she eventually sells it, minus any remaining depreciation). You do not need to file a gift tax return on a $12,000 gift. This may not be a likely scenario for you (10 years of depreciation probably will not reduce the value of the home to under $15,000), but it is a possible scenario.
Either way, she reports nothing on her return for the quitclaim. You do through the gift you are giving.
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