Posted on: 06th Apr, 2009 03:08 pm
my father wants his property back in his name and my brother will not do it because of tax reasons. when my father sign the quit deed to my brother there were no taxes that had to be paid so why would there be taxes due this time. it is between father and son. or if my brother agrees to add all the siblings names to the title would there be any taxes that would have to be paid in this case.
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Hi hosmer,
If your brother transfers the property to your father without taking any money from him, then it would be considered as a gift and your brother will have to pay gift taxes. If the value of the gift does not exceed the annual exclusion limit of $13,000 per year per person then your brother need not pay tax on the gift.
If your brother adds his siblings to the property, then he will have to pay for the stamp docs and registration of the deed.
Thanks.
If your brother transfers the property to your father without taking any money from him, then it would be considered as a gift and your brother will have to pay gift taxes. If the value of the gift does not exceed the annual exclusion limit of $13,000 per year per person then your brother need not pay tax on the gift.
If your brother adds his siblings to the property, then he will have to pay for the stamp docs and registration of the deed.
Thanks.