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Guest

hi,

my aunt bought a house in my uncle's name but with no paper proof that she paid. the house is now ~$700k. she has lived in the house for 20 years. now that they decided to transfer the house from my uncle's name to my aunt's son. is quit claim the best way to go? the son doesnt need to file any capital gain on his tax return on the year of the deed, right? he only needs to file that when he sells the house? the brother doesnt need to file anything on his tax return except the gift form, correct?

Thanks in advance!!!

jameshogg · Posted: Fri Dec 12, 2008 7:41 pm Post subject:

Hi guest,

Yes, if the property is in your uncle's name, your uncle can sign a quitclaim deed in the name of your aunt's son to transfer the property. As far as I know, the son doesn't need to file any capital gains on his tax return on the year of the deed. He will be required to do it when he sells the property.

An individual can exclude up to $250,000 of capital gains on the sale of real property if it is the primary residence of the owner for two of the five years before the date of sale. The two years of residency do not have to be continuous. But to be on the safer side, I would suggest you to consult a tax assessor who will be able to give you the exact details.

Thanks

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quitclaim deed in california from uncle to nephew

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