Posted on: 05th Oct, 2009 02:03 pm
I purchased a California property in another persons name. We would like to have title in my name. Be it joint tenancy, common, quitclaim, trust or whatever. The purchase was in cash so no mortgage is involved.
All the options look like they have tax consequences, like reappraisal, gift or sale. If it was my money, I pay the property taxes, I pay home insurance and I reside at the property. What is the best way to legally do this without paying more taxes.
All the options look like they have tax consequences, like reappraisal, gift or sale. If it was my money, I pay the property taxes, I pay home insurance and I reside at the property. What is the best way to legally do this without paying more taxes.
death and taxes...the old adage tells us these are two things we cannot avoid in this life.
Hi jasltrk,
If the other person transfers the property to you as a gift, then he would be liable to pay the gift taxes. However, there are certain exemptions related to gift taxes. You can check out the gift tax exemptions from the given page:
http://www.mortgagefit.com/gift.html#111114
If the person is selling the property to you, then he would be liable for the capital gains taxes. However, similar to gift taxes, the capital gains taxes also have exemptions. To know more about it, check out the following page:
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption
Thanks
If the other person transfers the property to you as a gift, then he would be liable to pay the gift taxes. However, there are certain exemptions related to gift taxes. You can check out the gift tax exemptions from the given page:
http://www.mortgagefit.com/gift.html#111114
If the person is selling the property to you, then he would be liable for the capital gains taxes. However, similar to gift taxes, the capital gains taxes also have exemptions. To know more about it, check out the following page:
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption
Thanks
