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Tax implication on title removal in CA

Posted on: 10th Dec, 2010 08:37 pm
My husband and my son in escrow now to purchase the property for our son since he will not qualify himself. If they get the title together and later on we will want to remove my husband from the title will it has any tax implications?
Hi Gg,

If your husband transfers the property to your son as a gift, then he will be liable for paying gift taxes. However, there is an annual gift tax exemption of $13,000. If the transferred share of property is within this limit, then your husband won't have to pay gift tax.
Posted on: 12th Dec, 2010 09:47 pm
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