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dacede
New Member

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?

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Accepted Solutions
PatriciaV
Expert Alumni

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

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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1 Reply
PatriciaV
Expert Alumni

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

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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