My wife’s grandmother has decided to deed her house to my wife. She told us she was going to do it, but we thought it would just be an estate issue.
I searched the tax rolls today and see that, in fact, my wife is now listed as the “Special Warranty Gift Deed” holder.
I don’t understand how this can happen without my wife having signed or even really agreed to accept it.
NAL and not in TX, but most of the sample forms I just looked at online did not have a space for grantee signature.
It looks like you would be responsible for gift taxes on it unfortunately.
I am interested to hear more how this turns out.
Gift tax is the responsibility of the gifter and not the recipient
In Texas a deed does not have to be signed for by the recipient(Grantee). I would suggest getting a lawyer involved to attempt to under this transaction and do it property for tax purposes as this can be done without gift tax. Or is the value of the property is under $60000 if she is married or $30000 if not, this is not most likely an issue
I am going to speak with her attorney. After all, he handled it.
Without going through al the family drama, my wife’s mother was originally suppose to get it before an argument. Then she changed it. But she is 100 and slipping. The plan was that if she in fact, give it to my wife, just dees it over to my mother in law. I thought it was just going to be an estate issue. I was wrong.
The mother in law wants to use it as a family getaway (it is river front property in a fishing/hunting area.
I am thinking this may be a good opportunity to set up a business opportunity for vacation leasing when not in use by the family.
I joined here recently to begin learning about getting into rental property. This may make it happen sooner than expexrsd
@Steve Barrett Good Lord where is the edit button? I’m butchering some English! LOL
Being given a property is not a bad thing. However, you need to get with the lawyer or tax person as there is a process that will avoid gift/inheritance tax