Condominium Deed from Individual to Husband and Wife as Joint Tenants - New York 2025

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GIFT TAX IMPLICATIONS By law, any gift exceeding a certain amount (as of 2023, $17,000 per recipient per year) must be reported to the IRS, potentially triggering a gift tax liability. Adding a relative to your deed could be considered a gift, and this could result in higher taxes that you need to pay.
How do I add/remove a name on a Deed? You would have to record a new deed adding or removing the person(s) name. Because it is a legal document with legal consequences, we HIGHLY advise you work with an attorney to do so.
Whatever the reason, you will need to retain an attorney, experienced in real estate, to draft a new deed conveying your home to yourself and the person you wish to add to your title. In addition to the deed, your attorney will also need to prepare transfer tax returns.
In New York, whenever more than one person buys or inherits property together, it is automatically held as tenants in common, unless they are husband and wife. If a tenant in common dies, the deceased persons interest passes to their heirs or to the person specified in the terms of the deceased persons will.
The simplest way to add a spouse to a deed is through a quitclaim deed. This type of deed transfers whatever ownership rights you have so that you and your spouse now become joint owners. No title search or complex transaction is necessary.
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In a joint tenancy, two or more people own property together, each with equal rights and responsibilities. While joint tenancy can apply to personal property, business ownership, bank and brokerage accounts, its most used for real estate investments.
Through a quitclaim deed. Spouses or family members usually use it to gift, join, or divide property without selling it. Make a record of the quitclaim deed.

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