 danielle_m_ward
Joined: 29 Jul 2009
Posts: 1
1.40 Dollars($)
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 Posted: Wed Jul 29, 2009 7:47 am Post subject: transferring property |
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Hello. I live in NY state (not NYC). My grandmother is 94 and has asked to be put into a nursing home and wants to stay. She said she wants me and my husband to have her trailor.
The trailor has been in my father's name for the last 3 years or so to make sure Medicare/Medicaid did not seize it. My father wants to keep it in his name, juse because its easier and we just pay the lot rent.
My husband refuses to move unless it is in our names. Is there any advantage to having it in our own names?? If it goes in our names I assume alot of costs would be behind us? And how would we do this anyway?
Is it transferring the deed?
Gift?
Or would we buy it for a low cost-which is fine with us?
If we bought it could we claim the first time home buyer tax credit?
The trailor is currently worth about 30K,which we plan to sell in 3 years and use the 20K it may be worth for a down payment on our real first home. Thanks! |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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| Posted: Thu Jul 30, 2009 1:56 am Post subject: |
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If the property is put into your name, you would be the owner of the property. Once you become the owner of the property, you would be liable to pay for the maintenance of the property. You can ask your father to transfer the property in your name by signing a quitclaim deed.
It depends on your father as to how he would transfer the property to you. If he transfers it as a gift, he would become liable to pay gift taxes. You can even pay him a certain amount of money and buy it from him.
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Good is the Enemy of Great. |
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