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For future security my girlfriend is going to put my name on the deed at 15% ownership. There has been a suggestion that on the deed "in consideration $1 and in consideration of love and affection" - or just - "in consideration of love and affection". The home is valued around $300-$325K.

Her lawyer told us there was a "transfer tax" which after calculations came out to around $500 which is a small matter.

My questions are:

Is this a taxable event in regards to capital gains?

If yes to above then would the $250,000 lifetime capital gains exclusion apply in this situation to offset any potential capital gains?

I'm in the dark and hoping to shed some light on the possible tax situation.

Thanks for your reply.
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