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Transfering property to family member

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miche Joined: 08 Aug 2010 Posts: 1 1.28 Dollars($)	Posted: Sun Aug 08, 2010 6:02 am    Post subject: Transfering property to family member Like 0 Dislike 0 My aunt in Massachusetts has 2 houses. One she would like to transfer to me. One she would like to transfer to her daughter. What is the best way to do this? Will her daughter and I need to pay taxes for the transfer? Will an apprisal / septic assessment need to be done? This is in Massachusetts. Thank You.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Mon Aug 09, 2010 12:26 am    Post subject: Like 0 Dislike 0 Welcome miche, Your aunt can use quit claim deeds in order to transfer her properties to you and her daughter. If your aunt transfers the property to you and her daughter as a gift, then she will have to pay gift taxes. If you wish, you can appraise the property. _________________ Procrastination is the enemy of your financial success

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