What is the procedure in Florida state to draft a quit claim deed for the gift of property?

Asked almost 6 years ago - Lake Wales, FL

we are giving a lot to a friend, so he may build on it. The property is right next to our home. Giving the lt is exchange of watching taking care of our home while we are away in the summer. We will Quick Claim Deed it to him. What legal verbage should we use so tax county appraisers do not kick it back to us.

Attorney answers (2)

  1. Dennis Andrew Chen

    Pro

    Contributor Level 17

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    Answered . You should have an attorney draft the Quit Claim Deed. Just because the county recorder does not kick back the deed does not mean that it is valid. You may find that if you create your own deed, when the person seeks financing for the house, the lender or title company may require a new deed. To avoid that problem, get it done properly initially.

  2. Thuong-Tri Nguyen

    Contributor Level 20

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    Answered . The taxing authority likely will and can take the position that getting property in "exchange of watching taking care of our home" is taxable income, and not a gift.

    Even if the property is not taxable income, the value of the property likely is more than the amount of annual gift that is tax-exempt (currently $12000 for the federal amount). When the total of all the gifts to a person in a year exceeds the annual exempt amount, a federal gift tax return likely must be filed. Depending on the circumstances, while no actual tax needs to be paid, the return still needs to be filed.

    You likely should review your facts and options with an attorney.

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