A quitclaim deed is a method for legally transferring real estate without selling it. There are also technicalities and state-specific rules to follow for this type of deed.

A quitclaim deed is a document where the grantor uses words such as “remise, release and forever quitclaim all the right, title and interest” of the grantor to an interest in land.

If the parent quickly quitclaim deeds the land to their child, which has the legal effect of transferring the parent’s basis of $100,000 in the $1 million land, the child will owe $288,000 in ...