Quit claim deeds...taxs?

[Z71]

Suppose I owned a property free and clear(property taxs paid for this year and all) in a tiny NW OK town that ain't worth much(town or property!)...and want to deed it over to another person(not related to..and isn't a qualifying charity)....will the IRS want a value on it/for it...even if I just give it away?

Do I or the party receiving the property required to have an appraisal done?

Are there any other tax/IRS implications of just fobbing of a minimal value property to somebody else?

Is this how it is in Oklahoma?.. http://homeguides.sfgate.com/tax-implications-quitclaim-deed-6771.html

Thanx...'Z'

 

[turtleboy]

give it to them for their love and consideration. per real estate law i believe love and consideration has value no one can put a price on.

 

[DPI]

Do you know what the assessed value is per the county treasurer? I think you could use that as a reasonable value estimate.

The annual exclusion for gifts remains at $13,000.