I also want to add that the "consideration" needs to be at fair market value. In other words, you cannot transfer title to your partner and receive $1 for the transfer. If fair market value is above what is paid then anything above what is paid will be considered a gift.
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Originally Posted by citybutch
For those of us who DO own homes and want to put our beloveds on title, please be aware that the IRS considers this a gift and anything over $13,000 is taxable to the person who is gifting the property. Unless there is some kind of "consideration" (payment/purhcase/etc) then you may be opening yourself up to a serious tax consequnce for this type of transfer. Some tax advisors may give contradictory advice... but it is very clear in IRS code. Please be careful... wills and trusts can accomplish the same goal without the gifting tax consequences. ALSO, when you transfer title as a Joint Tenant to your beloved you both become subject to the creditors and liabilities of the Joint Tenant... something you may regret later on...
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