Home to possibly be Quick deeded what are the tax implications?

[doubtfull]

What is the name of your state (only U.S. law)? Texas

I am a widowed man with only one son, I want to leave Texas to go Oversea's but let him have all interest in the house.

I think I want to quick deed the old 1960's homestead house to my son as gift, and he knows that tax wise he may be responsible for taxes due on the current fair market value.

Since I am gifting it to him, am I responsible for any capital gains even though I am giving it away?

I am not sure how a Texas quick deed works legally done tax wise, any one know?
I know some people do them for less than Market Value but with me going to be out of the country I want to do it completely legal because my son is still fairly unskilled in life experiences but he is over 21.


Thanks, Dale

 

[tranquility]

Unless it's a huge house or you have given a lot of gifts in your lifetime, there would be no tax on the gift. The son will take your basis in the property and will get the capital gains tax when he sells it.

 

[LdiJ]

Unless it's a huge house or you have given a lot of gifts in your lifetime, there would be no tax on the gift. The son will take your basis in the property and will get the capital gains tax when he sells it.

While means that your son would likely be better off if he eventually inherits the home from you, rather than receiving it as a gift, now.