Recording a quitclaim deed involves paying filing fees. Unlike many other states, Idaho does not impose transfer taxes, but federal taxes may still apply depending on the circumstance.
Filing Fees
The minimum charges for filing deeds at county recorders’ offices include (§ 31-3205):
- A base fee of $15 for the first 30 pages.
- Another $3 for each additional page past 30.
- An $11 fee for recording a map or plat.
- A $5 per page fee for recording a survey.
Taxes
While Idaho imposes less tax on property transfers than most other states, federal gift and capital gains taxes may still apply.
1. U.S. Gift Tax (Form 709)
- IRS Form 709 provides instructions and exemptions for the federal gift tax, which applies to gifted property over a certain amount at a rate that varies from year to year.
- Property is considered a gift if no consideration — or a nominal payment that does not reflect the property’s value — is exchanged for the transfer of the property.
2. Capital Gains Tax
- This applies in cases where a capital asset, like property, is exchanged for more than its cost. Both IRS Topic No. 409 and IRS Publication 551 discuss the federal capital gains tax, including its valuation and exemptions.
- According to the Idaho State Tax Commission, while the state taxes capital gains as income, it also allows for a deduction of up to 60% of capital gain net income in several cases. Complete Form CG to calculate your deduction.
