Posted on: 14th Oct, 2009 01:27 pm
my inlaws want to give my husband and i the house we currently live in. the house is free from mortgages and lein. they will file a quit claim deed and name us as the grantee with no money exchange. i will bring the deed to the recorder and pay a minimum deed fee ($500 for the consideration value which i will only pay $50 for the fee and the 1.70 for taxes) this will be our process to go. i'm concern about the gift tax. should i worry about it? i will be filing a homestead application as well. but i'm concern about my personal income taxes. do i or the parent have to file something special? what is the best way in doing this transfer? it's like a long term loan but it will be forgiven and we don't have to pay them back.
you will be well-advised to discuss all the tax-related questions you have with a tax advisor, or even with the irs directly. relying on a layperson's interpretation of tax law and requirements will likely confuse you and bring you far more stress than you'd like.
please see a professional.
please see a professional.
Regards
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is it true you can do a quitclaim deed back to the bank?
>>is it true you can do a quitclaim deed back to the bank?
Only if they agree to accept it, but there could be tax considerations, so I'd review the situation with the proper Legal and Tax Advisors first.
Only if they agree to accept it, but there could be tax considerations, so I'd review the situation with the proper Legal and Tax Advisors first.
sometimes i'd like to string up the people who came up with this ridiculous idea that all you have to do is quit claim the property back to the lender. as if anything could be that easy.