Posted on: 04th Feb, 2008 04:35 pm
hi my mom wants to remove her name from the title of the home. Two years ago she added my brothers name onto the deed. She now wants to be off completely and add me. I was wondering what would be the best way to do this. Would there be an increase of the property tax of the home if she does it? What would be the best way to do it minimizing the amount of taxes I would need to pay?
Thanks
Richard
Thanks
Richard
Hi Richardh,
Welcome to the forum.
Is it a mortgaged property? If so then the lender should be informed about the property transfer. As a co-owner your brother is also need to be informed.
Your mother can use a quitclaim deed to add you in the title but your mother may need to pay gift tax for that if it is more than the exemption limit.
Gift tax exemption limit for an individual per year is $12000.
Best of luck.
Larry
Welcome to the forum.
Is it a mortgaged property? If so then the lender should be informed about the property transfer. As a co-owner your brother is also need to be informed.
Your mother can use a quitclaim deed to add you in the title but your mother may need to pay gift tax for that if it is more than the exemption limit.
Gift tax exemption limit for an individual per year is $12000.
Best of luck.
Larry
Hi Richardh,
In general, when one adds a person who is not his spouse or child to the title, there are chances that property tax might increase.
Under the current laws, the tax assessor can adjust the value of the property and increase property taxes wherever there is a change in the title.
However, in your situation, your mom is adding you to the title, so there will no change in property taxes.
Regards,
Jessica
In general, when one adds a person who is not his spouse or child to the title, there are chances that property tax might increase.
Under the current laws, the tax assessor can adjust the value of the property and increase property taxes wherever there is a change in the title.
However, in your situation, your mom is adding you to the title, so there will no change in property taxes.
Regards,
Jessica
