 kriegienjj
Joined: 27 Oct 2009
Posts: 1
1.33 Dollars($)
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 Posted: Tue Oct 27, 2009 3:54 am Post subject: Michigan property transfer to family member |
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We recently purchased an unimproved lot at a Wexford County, Michigan tax sale. We would like to give the lot to my brother. The lot cost just $1,000, and current taxes for us are $45.
How can we best transfer ownership to my brother? Will he be responsible for more taxes than we are now? (I understand there is an "uncapping" of taxes in a RE transfer.) Would a quit claim deed be the most tax-effective way to do the transfer? Does it matter if the transfer involves no money, or is there a reason to show $1? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Tue Oct 27, 2009 11:54 pm Post subject: |
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Hi kriegienjj!
Welcome to forums!
You can use a quitclaim deed to transfer the property to your brother. If you transfer the property as a gift, you will be responsible for paying the gift taxes. However, there are certain exemptions. To know about it check out http://www.mortgagefit.com/gift.html#111114 . As far as the property taxes are concerned, I don't think it would change much. However, consulting a tax adviser in this regard would be a good option.
Feel free to ask if you've further queries.
Sussane |
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