Best way to transfer property from parents to son

tcpatterson · Joined: 25 Sep 2009 Posts: 1 1.45 Dollars($)

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.

Thanks for any advice you may offer.

Todd

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Your parents can do quit claim deed and add or trasnfer the property in your name

adonis · Posted: Sun Sep 27, 2009 10:20 pm Post subject:

Hi tcpatterson,

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

Guest

IS IT POSSIBLE THAT MY MOTHER CAN ONLY AWARD ALL THE PROPERTIES SHE HAS OR GIVE HER PROPERTY TO HIS DAUGTHER BUT WE ARE 3 SIBLINGS?

smithsussane · Posted: Thu Jan 14, 2010 10:47 pm Post subject:

Hi GLENN!

Welcome to forums!

As the property is in your mother's name, she has the full rights to decide as to whom she wants to give her property. If she wishes, she can give the property to anyone of you. It is not mandatory for her to divide the property equally amongst you and your siblings.

Feel free to ask if you've further queries.

Sussane

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