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Gg1219 · Joined: 10 Dec 2010 Posts: 1 1.27 Dollars($)

My husband and my son in escrow now to purchase the property for our son since he will not qualify himself. If they get the title together and later on we will want to remove my husband from the title will it has any tax implications?

adonis · Posted: Sun Dec 12, 2010 10:47 pm Post subject:

Hi Gg,

If your husband transfers the property to your son as a gift, then he will be liable for paying gift taxes. However, there is an annual gift tax exemption of $13,000. If the transferred share of property is within this limit, then your husband won't have to pay gift tax.

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Tax implication on title removal in CA

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