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 jasltrk
Joined: 05 Oct 2009
Posts: 1
1.33 Dollars($)
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 Posted: Mon Oct 05, 2009 2:03 pm Post subject: Unnecessary property title taxes |
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I purchased a California property in another persons name. We would like to have title in my name. Be it joint tenancy, common, quitclaim, trust or whatever. The purchase was in cash so no mortgage is involved.
All the options look like they have tax consequences, like reappraisal, gift or sale. If it was my money, I pay the property taxes, I pay home insurance and I reside at the property. What is the best way to legally do this without paying more taxes. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Mon Oct 05, 2009 3:37 pm Post subject: |
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death and taxes...the old adage tells us these are two things we cannot avoid in this life.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Oct 05, 2009 7:31 pm Post subject: |
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Hi jasltrk,
If the other person transfers the property to you as a gift, then he would be liable to pay the gift taxes. However, there are certain exemptions related to gift taxes. You can check out the gift tax exemptions from the given page:
http://www.mortgagefit.com/gift.html#111114
If the person is selling the property to you, then he would be liable for the capital gains taxes. However, similar to gift taxes, the capital gains taxes also have exemptions. To know more about it, check out the following page:
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption
Thanks |
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