Posted on: 28th Dec, 2007 01:26 pm
my son has a house but it is in my name. my son is moving due to his job transferrring him and wants to sell the house. should i do a quit claim deed and let him handle all affairs due to my health or is there another options i can take.
jimmy, you have options; but if you are concerned about handling it yourself, then you certainly may want to let him handle it. clearly, you will likely want to retain a real estate agent to work on the sale.
Hi Jimmy,
Welcome to the forum.
IF you quitclaim the property to your son then you may need to pay gift tax for that and there also are other expenses associated with it.
Thanks,
Larry
Welcome to the forum.
IF you quitclaim the property to your son then you may need to pay gift tax for that and there also are other expenses associated with it.
Thanks,
Larry
It may be worth transfering the property into his name if there are going to be capital gains. If he was the one living in the home then he would be exempt up to 250K if single and 500K for a married couple. If there are no gains from the sale then I think it would be better to file a power of attorney for your son to handle this for you as opposed to transfering the property into his name.