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Updated over 4 years ago,
Quitclaim Deed to Transfer from Sister to Company
In January I will be legally documented as the new owner of my dad's business. My sister has one property that is under her name which she no longer wants to manage or continue owning. I was wondering if we could use a quitclaim deed to transfer the property from her to me then to the business? If we can transfer the property from her to the business directly using a quitclaim deed that would be even better!
However, if we have to use a quitclaim deed to transfer the property to me where I then have to transfer it to the business will she still be eligible to write-off the quitclaim deed as a gift tax with the remaining cost being written off as a tax deduction toward her estate tax? Makes sense?