Jul 6, 2026 · 12 min · 3 segments
Being gifted a home by your parents can create unexpected tax questions and consequences. We walk through what a quitclaim transfer means and how to think about the potential tax impact before making…
John DelonyHost
George KamelHost
Dave RamseyHost[upbeat music] I lent my mom and dad $40,000 20 years ago.
They put my name on their house via a quitclaim in 2012, and they, and I haven't lived in their house for 40 years.
Well, they've both passed.
They have a will that says to pay me $75,000 off the top and split the rest between myself and my three other siblings.
What kind of a tax mess am I in?
Yeah
They were on the deed with me after they quitclaimed.
[sighs] Okay, so you're, you're gonna need professional tax advice, but I'll take a stab at it, okay?
Okay.
Here's what would happen if they had taken y- themselves off completely and it was just you.
Mm-hmm.
When you sell the house, you're going to be taxed on every dollar above what they paid for the house-
Oof
The house was worth-
Yeah, it was, it, they paid $13,000.
And now the house is worth 500,000.
Yeah, so you'd have ta- you'd have capital gains tax on $500,000 if the house was in your name.
Mm-hmm.
So you may have tax on half of that since the house is in their name and your name.
[upbeat music] I lent my mom and dad $40,000 20 years ago.
They put my name on their house via a quitclaim in 2012, and they, and I haven't lived in their house for 40 years.
Well, they've both passed.
They have a will that says to pay me $75,000 off the top and split the rest between myself and my three other siblings.
What kind of a tax mess am I in?
Yeah
They were on the deed with me after they quitclaimed.
[sighs] Okay, so you're, you're gonna need professional tax advice, but I'll take a stab at it, okay?
Okay.
Here's what would happen if they had taken y- themselves off completely and it was just you.
Mm-hmm.
When you sell the house, you're going to be taxed on every dollar above what they paid for the house-
Oof
The house was worth-
Yeah, it was, it, they paid $13,000.
And now the house is worth 500,000.
Yeah, so you'd have ta- you'd have capital gains tax on $500,000 if the house was in your name.
Mm-hmm.
So you may have tax on half of that since the house is in their name and your name.
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