Transfering Property

Guest 0.10 Dollars($)

My husband wants to transfer his half of the house to our children. What are the tax inplications for me and mychildren. or is it better if he drops his name from the title and I will be the only one in the title of the house. Will the house be assessed. what's the best way to tranfer the house without paying more taxes, and having all the right to sell anytime I want to sell the house

jasonredding · Posted: Wed Nov 21, 2007 11:21 am Post subject:

How old are your children?

Is he dying?

Are you getting Divorced?

If your children are young and still in school, and you are getting a divorce then just have him quite claimed off the title. There are no tax issues there.

If your children are older and he is dying and you think you are going to die soon also then you can quite claim him off and them on and that way you can avoid inheritance taxes.

If you have a mortgage on the property and he is on it then you have to refinance in your name only. Then he quite claims himself off at signing. No ta liabilty their exceopt for refinancing taxes pending on your state.

If he removes himself from title and not the mortgage he is still liable with the bank until you refiance in just your name. There is no other way to remove him from that mortgage note.

Your situation description is kind of vague so I hape some of this was helpful?

Jason Redding
Senior Mortgage Specialist
Nickel City Funding
Orchard Park, NY 14127
877-865-3232

jasonredding · Posted: Wed Nov 21, 2007 11:31 am Post subject:

The only time your house is re-assesed is when your town or county wants to raise your taxes. Their is no way to aviod that. If your children are on title they will be responsible along with you to pay the taxes that you currently are the same as he is.

Again sounds like you are getting divorced, I will assume you have a mortgage. If not all the better for you. If you have a mortgage then contact a proffesional mortgage consultant and refionance home in just your name and have your husband quit claimed off at signing. If your children are old enough to pay for the mortgage and bills then they can refinance the home along with you. Otherwise leave them off.

If you have no mortgage just have your divorce attorney file the quite claim and if he wants the children on quite claim them on.

Once your children are on title you need ther permission and signatures any time you want to do anythng with the house

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Maria,

I agree with Jason.

If your children are minor and they are given ownership rights to the property, then you will require their signatures at the time of selling the property. If they are minors then you have to get their legal guardian to act on their behalf and this could be a little complicated.

Otherwise your husband may sign a quit claim to transfer his portion to his children. Or, you can get complete ownership to the property if he quit claims it to you.

You will be responsible for capital gains tax if the property is sold at a higher price than the purchase price.

All times are GMT - 7 Hours

Page 1 of 1