What is the name of your state? Oklahoma
I would like to gift a house I own to my daughter. The FMV on the property is $50,000.00. Can my and husband and I gift $22,000.00 in equity for the next two years and the balance the third year and at that time quit claim deed the property over to her. The property is free and clear of mortgage. Also would I need to notify the title insurance co? I'm really looking to see if I can take care of the Deed after all the gifting has been reported to the IRS.
I would like to gift a house I own to my daughter. The FMV on the property is $50,000.00. Can my and husband and I gift $22,000.00 in equity for the next two years and the balance the third year and at that time quit claim deed the property over to her. The property is free and clear of mortgage. Also would I need to notify the title insurance co? I'm really looking to see if I can take care of the Deed after all the gifting has been reported to the IRS.