Posted: Fri Sep 25, 2009 1:01 pm Post subject: Best way to transfer property from parents to son
My mother and father are elderly and in poor health living in Virginia. They want to give/transfer to me a piece of property they own, in return for years of financial assistance. My mother purchased it roughly 20 years ago from my Uncle Joe before he passed away. She paid $6,900 in the early 90's and today the value is assessed via the latest personal property tax assessment in 2007, according to Bladen County NC Tax Office is $23,300. What is the best way for the transfer of property to occur so that I do not incur unnecessary tax or legal implications. The have a warranty deed for the property.
Once the property is transferred to you, it would be your responsibility to pay the property taxes. However, if you sell off the property, then you would be liable for the capital gains taxes. However, there are certain exemptions related to capital gains. Take a look at it from the given page:
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption _________________ Procrastination is the enemy of your financial sucess
tcpatterson
