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filterspm · Joined: 25 Sep 2010 Posts: 1 1.39 Dollars($)

Hi, I would like to ask few questions:

Due to my parents' financial hardship, I have paid their mortgage more than a year, and I think it might be good to refinance mortgage using my name so I can get more tax deduction and better interest rate.

My father is only one who is on deed, and I want to add my name to it and immediately refinance the mortgage.

I do not live with them, so it's not my primary house. I have no plan to cash out. Is this possible?

Also, I believe this may trigger gift tax; if so, then which price becomes basis when the current price is below than when my parents purchased the home? (what I know is basis should be the price when my parents purchased the home, but just wonder ... )

Thank you very much for your help.

adonis · Posted: Mon Sep 27, 2010 12:59 am Post subject:

Welcome filterspm,

You can ask your father to sign a quit claim deed and add your name to the property. Though it will be your second home, you will be able to refinance the loan and don't have to take a cash out. You father will be liable for paying gift taxes, if any. There is a life time gift tax exemption of $1 million.

tfaulhaber1 · Posted: Tue Sep 28, 2010 12:16 pm Post subject:

Yes it's 100% possible. Your father will need to sign a quit claim deed and add you to the property. Then he'll refinance the home and add you as a co-signor to the mortgage. And from what I see that's exactly what ADONIS wrote...ha! Long day already!

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Refinance parents mortgage (California)

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