Expert: Dick Dennis - 3/17/2007

Question
My sister and I bought a condo together; however, circumstance dictated that it wasn't a good time for me to be on the deed.  However, in every other way, I have been an equal partner in our financial arrangements.  We've lived in the building about 10 years and we bought several years ago. Since we've bought, we've more than doubled our initial investment.  We're trying to determine the best way to handle this -- and I did read your recent response to someone asking a similar question.  The snag for me is I a have been encouraged and would like to run for our Homeowners Board of Directors -- and I have to be on the deed.  I understand a quit-claim deed doesn't accomplish that.  True?  Would a gift of $10k--I thought the new max is $12k--in the property accomplish that?

Answer
You're asking two different questions, Steph. Yes, you can become owner (or part owner) via quit-claim deed without any cash being in the picture.

The second question is that someone may gift you $12,000 (cash or equity) per year tax free.

I wish you well.

Dick Dennis