Posted on: 19th Jun, 2009 10:24 am
my wife and i want to add our son's name to the title. at present the title is joint tenancy. i was told to file a preliminary change of ownership and then claim for reassessment exclusion for transfer between parent and child. after a year he will refinance the property under his own name.
my question is, can this be accomplished by refinancing now and us quitting claim. are there any tax advantage of following the top paragraph versus refinancing now? what are the tax ramifications?
my question is, can this be accomplished by refinancing now and us quitting claim. are there any tax advantage of following the top paragraph versus refinancing now? what are the tax ramifications?
Hi
If your son qualifies for a refinance, it's better to refinance the property in his name and put him the on the title at the same time. This would be the simplest way to transfer the title and the loan liability to your son.
Quitclaiming the property from you to your son will not have too many tax implications. You can quitclaim the property as gift and avail the gift tax exemption.
If your son qualifies for a refinance, it's better to refinance the property in his name and put him the on the title at the same time. This would be the simplest way to transfer the title and the loan liability to your son.
Quitclaiming the property from you to your son will not have too many tax implications. You can quitclaim the property as gift and avail the gift tax exemption.