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While Quitclaim Deeds can only transfer real property, Gift Deeds can also transfer money and personal property. In addition, a Gift Deed cannot transfer something if the recipient is paying or trading for it. In contrast, although it is uncommon, a Quitclaim Deed can involve consideration.
How do I prepare a gift deed in Texas? To prepare a gift deed, you need to include the legal description of the property, the names of the donor and recipient, a clear statement indicating the gifts nature and have it notarized before filing it with the county clerks office.
There are also some disadvantages to using gift deeds: It is irrevocable post-execution, which can lead to complications if problems arise in the future between the donor and donee. There are extra costs in the form of stamp duty, which vary from state to state.
If you would like to order a Gift Deed, please click the button to fill out the Deed order form. Select the Gift Deed option from the drop down menu. We prepare Gift Deeds for $195.
While Texas doesnt levy its own gift tax, its essential to consider federal gift tax regulations. The federal government imposes gift taxes on transfers of money or property exceeding certain limits. As of 2023, the annual gift tax exclusion amount is $17,000 per recipient.
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