07 Aug Will adding my partner’s name to my deed trigger a gift tax?

Q. I would like to know if adding my lifetime companion to my deed, the title to my home with half interest, would trigger a gift tax? She paid more than half when the property was purchased and now we want to add her name.
— Planner

A. We’re glad you want to make sure all your paperwork is in order.

For starters, New Jersey does not impose gift taxes.

In addition to the federal annual exclusion of $17,000 in 2023 for individuals, the federal unified credit for estate and gift taxes in 2023 is $12.920 million per person, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.

“Therefore, it is extremely unlikely that the transfer of a half interest in the reader’s home will trigger a federal gift tax,” she said.

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This story was originally published on Aug. 7, 2023.

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