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Posted: Fri Jan 15, 2010 4:47 am Post subject: Give house to parents

I have a small mortgage on a California house that my non-working parents live in. I plan to pay off the balance of the mortgage in a couple of months and move to Nevada for my business. The house is valued at approximately $70k. Are there any tax implications on my parents beyond the property taxes? And me?

jameshogg · Posted: Fri Jan 15, 2010 10:13 pm Post subject:

Hi Guest,

Once you pay off the mortgage dues, the property will be free and clear. Thus, you would be responsible for paying the property taxes. As your parents would be staying in the property, then they can pay off the property taxes on your behalf. However, if you transfer the property to your parents as gift, then you would be liable to pay the gift taxes.

Thanks

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Give house to parents