Home ownership
 

I gave my house in Tampa to my son. The process was very simple, no mortage, took notorized statement of action to County Clerk and they change the title. BIG pitfall, they reasses the tax and his taxes went from my $900 a year to his $4000 a year. I then had to reapply for homestead in Sumter.

Quit Claim deed and no tax implications. Easy to do.

Quit claim deed
 

Do you know how to get a free form?

Consult an Attorney but I guarantee you that a Lady bird deed will be highly recommended. I know this from experience when my husband passed away with the house in his name. It is very inexpensive to do this and it will save you thousands if she passes away before you.

The $500,00 exclusion would still apply if the house is in the spouse's name only - so no problem there as long as the other required conditions are met.

A surviving spouse would get a step up in basis if the house were owned jointly upon the other spouse's passing . No step up when residence is retitled in only one spouse's name. Depending upon when the house is sold the surviving spouse may get only a $250,000 exclusion so the step up in basis would affect the profit and therefore whether there is any taxable gain.

own
 

what if she dies first

If she is the sole owner at the time of her death spouse gets step up on entire residence.

I've have several situations where the last to die passed away - step up basis went to market value and the beneficiary(ies) had a tax deductible capital loss because of selling costs bringing the net sales price below the market value at date of death.

Please call a real estate attorney. Over the phone, they will discuss the best option for you and the cost. Why guess on something as important as this?