No need for quitclaim deed to avoid gift tax
from The Washington Post
My husband's parents bought lake property 48 years ago for approximately $15,000. Today it is valued at about $600,000. His mother is still living but is in a nursing home and does not use the cottage. We have been told that a quitclaim deed signed by her today would give us the cottage with no tax consequences (gift or capital gains). Is this possible?
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063