Compare Mortgage Quotes

deafartclubmn · Joined: 22 Dec 2009 Posts: 1 1.30 Dollars($)

My mother's name on house deed, we wish to add ours-this house later will we, the children be responsible for gift tax? Called IRS and seems you have to be psychic to know if this is best decision versus living trust or will as she could change her mind any tie so no security to our shared investment. It could be years from now when we sell after she passes and that changes sellig price! Do you have clear answer?

savior70 · Posted: Wed Dec 23, 2009 3:00 am Post subject:

Hi,

Your mother is the current legal owner of the property because she is on the title. If you want your name to be added to the title, your mother will have to sign a quit claim deed to add you to the title to the property. Since she will be the grantor on the deed, she will have to pay the gift tax. She is the one who is gifting her share of the property to you. However, there are gift tax exemptions, which she can take advantage of. If the value of the gifted share of the property does not exceed the gift limit, she does not have to pay any gift tax.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

tax ramifications for adding names to deed

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1