When someone's name is removed from the title of a piece of property for no or inadequate consideration, it is treated as a gift. If the fair market value of the gift is not more than $14,000, the annual exclusion applies and no gift tax return must be filed. If the amount is greater than $14,000 a Form 709, Gift Tax Return, must be filed. However, you also have a lifetime exemption that applies to estate and gift taxes. For 2015, that exemption is $5.43 million. So no tax would be due until that is used up. However, in exceeding the $14,000 annual exclusion amount a Gift Tax return should be filed, even though there is no tax due. As an aside, the basis in the property is a transferred basis from the donor, so it is not stepped up to fair market value.