[quote=bearishgurl]
As SK in CV stated, there’s no tax on this level of gifting. I am unfamiliar with many tax laws but in this case, whether or not it is actually considered a “gift” by the IRS is moot.
-This post should not be construed as legal advice and I am not an attorney.-[/quote]
In this particular case, I would agree. But, I just wanted to clarify with other lurkers that in general there is a “gift” consideration when doing a quit claim (whether one actually hits the $1million lifetime exclusion is a separate discussion). You simply cannot deed an entire house over to a kid and not expect it won’t count against the respective estate tax limits (whether you actually hit it or not)… Like I said, *drat*. And, yes it is entirely possible to exceed the estate tax limits if you factor in life insurance benefits paid to your heirs after you die. (though there are some interesting rules around those things too, if I recall…)
