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 carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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 Posted: Mon Jul 09, 2007 4:13 pm Post subject: |
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| Quote: | | Is gift taxes involved when I give it to her or vice versa, when she gives it back. |
When a person quit claims his property (known as the grantor) for a consideration less than its current value then it is considered as a gift made to the other person.
As such grantor has to pay gift taxes if required. And gift taxes become due only when gift tax exemption limits are crossed. The annual gift tax exemption limit is $12,000 which means every year you can gift up to this exemption limit without having to think about gift taxes.
But when the value of the gift exceeds this annual limit then it become necessary to calculate whether lifetime gift tax exemption limit which is $1 million has been crossed or not.
If has not been crossed then also you don't have to pay any tax even if the value of gift made is more than the annual exemption limit. |
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Thomas Krens
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| Posted: Mon Jul 09, 2007 6:12 pm Post subject: |
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"I still owe her the balance of the mortgage so do I have to pay capital gains if she pays of the mortgage?"
Capital gain taxes are to be paid if the house is sold for a profit. But you will not be making any profit by transferring property interest in your mother's name. So you will not have to pay any capital gains tax. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
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| Posted: Mon Jul 09, 2007 6:24 pm Post subject: |
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| Quote: | | 2. does the house get reappraised. |
Hi Eric,
In California, transfer of property between children & parents is excluded from reappraisal for property tax purposes.
But you will have to file an application with the assessor's office. Your application is required to determine if this property transfer would be eligible for the allowed exclusion.
Thanks
Blue
_________________
Lets help each other. Try my blog |
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Brenda
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| Posted: Wed Jul 25, 2007 6:04 am Post subject: rental property |
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| my loan officer says it would be easier for me to get a loan for a rental with just my name and then transfer it with a quick deed to my other person that wants to share the rental with me. Can the other person take the interest off their taxes? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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| Posted: Wed Jul 25, 2007 3:27 pm Post subject: |
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| Quote: | | my loan officer says it would be easier for me to get a loan for a rental with just my name and then transfer it with a quick deed to my other person that wants to share the rental with me. Can the other person take the interest off their taxes? |
Brenda, the other person can only take the interest off his taxes if he is on the loan. If that person is not named on the loan then he will not be able to claim interest deductions.
Miller |
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ponte123golf@aim.com
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| Posted: Thu Jul 26, 2007 7:46 am Post subject: want me name removed from the deed |
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| I signed and took out a mortage with my son. Now I want to give him the house. I know I will still be on the mortage but can I take my name of the deed. |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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| Posted: Thu Jul 26, 2007 6:35 pm Post subject: |
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Ponte, lender can ask your son to refinance the mortgage in his name as there is be a change in title ownership. You should contact your mortgage company to know if they will allow it or require your son to refinance the mortgage.
_________________
Good is the Enemy of Great. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Tue Aug 14, 2007 10:47 pm Post subject: |
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Hi Ponte,
You can take your name from the deed by using a quitcliam deed. In the deed, you will sign as the grantor and give away the property to your son who will be the grantee. And thus can transfer the ownership rights of property back to your son.
But to get out of the mortgage, you need to talk to the lender. And if he agrees to it, your son will be able to refinance the loan in his name solely. |
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Mike and Barb
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| Posted: Tue Aug 21, 2007 7:24 pm Post subject: Quit Claim or Purchase |
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| I'm looking to purchase a home from my parents that is completely paid for. They only desire to get back what they purchased it for, not what it is currently valued at. Is there any benefit to them to transfer their interest through a quit claim deed, rather than do a normal purchase of the property? Thanks! |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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elssy
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| Posted: Tue Sep 04, 2007 11:23 am Post subject: foreclosure |
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| cant a qit claim deed stop a foreclosure on my property at least for a month until I get de payments together? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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| Posted: Tue Sep 04, 2007 4:08 pm Post subject: |
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Hi Elssy,
Quit claim deed only transfer property interest. It cannot stop lender from foreclosing. The house is the collateral for the mortgage and in case of default he has the right to foreclose and sell the house to recover his dues.
If you are facing problems with the payments then inform the lender about it first. It is possible that lender would agree to receive payments for two months together when you regain financial stability. Another thing is that lenders do not normally select to foreclose if the borrower is in default for just one month, they generally wait for 3 months before considering foreclosure as an option.
_________________
Good is the Enemy of Great. |
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Alex Knife
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| Posted: Fri Sep 07, 2007 8:05 pm Post subject: Alex Knife |
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| Thanks for taking the time and effort in creating this content to share your knowledge with all of us. |
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John T R
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| Posted: Wed Sep 19, 2007 3:48 pm Post subject: Quit Claim Deal |
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I have a house that I want to Quit Claim to my son.
I assume the mortgage compant will still retain the mortgage in my name and I am responsible for it until the house is refinanced by my son? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Wed Sep 19, 2007 11:50 pm Post subject: |
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Yes John,
Even if you quitclaim the house to your son, it will not remove you off the loan. It will simply transfer the ownership of the property in in your son's name. The mortgage will still remain in your name until your son refinances it.
So, it is better, if your son refinances at the time of transferring the property only. Otherwise, if you quitclaim him the house earlier, he may not be willing to refinance after getting over the title. In that case, you will have to continue with the payments. |
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