topic Quit claim deed in Get your taxes done using TurboTax

Quit claim deed

tumblewind — Tue, 25 Feb 2025 23:57:40 GMT

I want to add my wife to the home title using quitclaim deed . The house price in zillow shows approx $500000 Does adding spouse trigger gift tax and capital gain tax obligation? would it impact future sale of the house?

Re: Quit claim deed

M-MTax — Wed, 26 Feb 2025 00:04:27 GMT

@tumblewind wrote:
.......Does adding spouse trigger gift tax and capital gain tax obligation?

No.

See https://www.law.cornell.edu/uscode/text/26/2523

Re: Quit claim deed

Bsch4477 — Wed, 26 Feb 2025 00:06:47 GMT

Transfer of ownership to a spouse is not a taxable event and no tax reporting is required. There is no effect on a subsequent sale.