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Quit Claim Deed / Family Transfer

Loanshrk93 profile photo
  • Thursday, October 21, 2004 @ 10:27 PM EDT
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If I was to quit claim my property to my brother, allowing him to refinance into his name, How do I show the gift of the property on my tax returns. Will the IRS flag the return if I no longer show ownership? :-?
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  • NewKidinTown2
    NewKidinTown221st October, 2004
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    Use a Gift Tax Return which you file along with your 1040.

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