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Transfer of Title in Texas

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RyanESparks Guest	Posted: Tue Oct 12, 2010 5:35 pm    Post subject: Transfer of Title in Texas Like 0 Dislike 0 I live in the state of Texas and my parents live in the state of Oklahoma. They are purchasing a house for me (outright no mortgage) and in 3 to 5 years they will transfer the deed to my name so I can take out cash on the home and pay them off. My question is when they transfer the deed to my name what taxes will we be responsible for? Transfer tax on my part, or a gift tax on their part, etc. How much will these taxes be? Thanks for any help or suggestions.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Oct 12, 2010 9:24 pm    Post subject: Like 0 Dislike 0 Welcome RyanESparks, If your parents transfer the property to you as a gift, then you'll be responsible for gift taxes. However, if the gift amount falls within the exemption limits, then they won't be liable for paying the taxes. _________________ Procrastination is the enemy of your financial success

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