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Level 1
February 25, 2025
Solved

Quit claim deed

  • February 25, 2025
  • 2 replies
  • 31 views

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?

    Best answer by Bsch4477

    Expert Reviewed

    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. 

    2 replies

    M-MTax
    Level 15
    February 26, 2025

    @tumblewind wrote:

    .......Does adding spouse trigger gift tax and capital gain tax obligation?  


    No.

     

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

     

    See also https://www.irs.gov/instructions/i709#en_US_2024_publink16784xd0e489

    Bsch4477Level 15Answer
    Level 15
    February 26, 2025

    Expert Reviewed

    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.