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Garry Shandling
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0.10 Dollars($)
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 Posted: Sat Mar 31, 2007 12:02 pm Post subject: take the house |
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my father wants to give the house to me, and start paying the mortgage, how to do it..will i have to pay any tax for getting the house from my father? and if i do, how much it would be?thanks for help..
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rick0
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0.10 Dollars($)
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| Posted: Sat Mar 31, 2007 12:32 pm Post subject: |
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Hi Garry,
For getting the house you can use a quit claim deed and after that have the mortgage refinanced in your name. |
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 colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.62 Dollars($)
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| Posted: Sat Mar 31, 2007 1:42 pm Post subject: |
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Hi Garry,
Welcome to Mortgagefit forum.
A quit claim deed can be used for transferring house ownership over to you. On the deed your father will be named as the grantor, as he is the person who will be giving up his interest and you will be named as the grantee. After the deed is properly filled, it is required to be notarized and recorded at your county recorder's office.
But contact the lender first and tell him about your father's intention of transferring the house in your name. At the time of refinance the deed can be made out for title transfer also. If your credit score and other criterion to qualify for refinance are reasonably good then there will not be much problem in taking over the loan and house ownership.
Colin |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Sat Mar 31, 2007 2:49 pm Post subject: |
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| Quote: | | my father wants to give the house to me, and start paying the mortgage, how to do it..will i have to pay any tax for getting the house from my father? and if i do, how much it would be?thanks for help.. |
As you would be receiving the house from your father without paying anything for it, it will be considered as a gift. The person making the gift (donor) has to pay gift tax if allowed exemption limit is crossed.
As such you will not have to pay any tax, only your father might be required to if the following exemption limits are crossed.
Each year a person can gift up to a maximum of $12,000 which is the annual gift tax exemption limit. If gift amount exceeds this limit then gift tax return is required to be filed using IRS Form 709.
Amount exceeding $12,000 limit are called as taxable gifts but the donor is not required to pay any tax if the lifetime gift tax exemption of $1 million is not crossed.
Miller |
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