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already on deed - removing 2 parents are there taxe implications

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Guest	Posted: Mon Oct 04, 2010 9:36 am    Post subject: already on deed - removing 2 parents are there taxe implic Like 0 Dislike 0 value mortgage - 328,000 I paid down payment of 60,000 to purchase and I have been making all payments and tax payments. I want to remove my parents from deed. I am already on deed with my parents. Can they transfer to me as gift? Am I taxed on the whole amount or 2/3 of the total? This is a NYC property . What are tax implications - can they avoided?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Oct 04, 2010 11:17 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! Your parents can sign a quit claim deed and transfer the property to you. They can transfer the property to you as a gift but in that case they will be liable for paying gift taxes if they cross the annual gift exemption limit of $13000 . Feel free to ask if you've further queries. Sussane

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