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Best way to transfer property from parents to son

My mother and father are elderly and in poor health living in Virginia. They want to give/transfer to me a piece of property they own, in return for years of financial assistance. My mother purchased it roughly 20 years ago from my Uncle Joe before he passed away. She paid $6,900 in the early 90's and today the value is assessed via the latest personal property tax assessment in 2007, according to Bladen County NC Tax Office is $23,300. What is the best way for the transfer of property to occur so that I do not incur unnecessary tax or legal implications. The have a warranty deed for the property.

Thanks for any advice you may offer.

Todd

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your parents can do [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] and add or trasnfer the property in your name

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:13 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tcpatterson,

Once the property is transferred to you, it would be your responsibility to pay the property taxes. However, if you sell off the property, then you would be liable for the capital gains taxes. However, there are certain exemptions related to capital gains. Take a look at it from the given page:
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:13 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

IS IT POSSIBLE THAT MY MOTHER CAN ONLY AWARD ALL THE PROPERTIES SHE HAS OR GIVE HER PROPERTY TO HIS DAUGTHER BUT WE ARE 3 SIBLINGS?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:13 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi GLENN!

Welcome to forums!

As the property is in your mother's name, she has the full rights to decide as to whom she wants to give her property. If she wishes, she can give the property to anyone of you. It is not mandatory for her to divide the property equally amongst you and your siblings.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:13 | Post subject:

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