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help, my son is going to build a house on land that is in my husband and my name. In order for him to get a loan does the land have to be in his name? If so then can we just add him to the deed? He is our only child so he will be getting the land anyways. The appraisal is around $40,000.00 for land. If we put land in his name will we have to pay inheritance tax? trying to go the easyist and cheapest way. The land is next to ours so we cannot get loan in our name for his house.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi vickie.

Welcome to the forum. I think as your son is going to get the land anyway, you can simply quitclaim the property to him. BTW you may need to pay gift tax for that. But the yearly gift tax exemption limit is $12000.

Best of luck,
Larry

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