How do I report turning a home over to my daughter for a nominal $100.00?

[dacede]

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?

[PatriciaV · Accepted solution]

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).