Hello,
I would like to add my daughter’s name on my house deed. How can I go about doing it??
Thanks
Ronnie
A quit claim deed from yourself to yourself and your daughter as joint tenants will suffice.
There are legal and economic arguments against doing this but we don’t know the intent behind your question. Why do you want to add your daughter to your deed?
DaveT makes a good point. Adding your daughter’s name to the property title exposes the property to any and all lawsuits that she may be party to. Also, if you wish to pass title to the property to your daughter upon your death it is preferable to do that after the event and not before. This will allow your daughter to take the higher cost basis, fair market value on date of your passing, and thus reduce her future capital gains taxes.
What exactly do you wish to accomplish? As said earlier, your daughter loses the stepped up basis at your death and risks increased capital gains if/when she sells. If adding her to the deed is what actually makes sense, research joint tenants with rights of suviorship. Your interest will pass to her outside of your estate. There are many ways to share ownership without adverse tax consequences or exposing the property to additional liablity.