Posted on: 03rd Sep, 2014 07:59 pm
California, My significant other and I have agreed to add my name on his Deed. We have made out a Grant Deed with him as the Granter and Me and him as Grantees. We have had it notarized today. Are we going to have to pay taxes on this once we take it to the recorders office? We have one page we have to fill in that came with the Grant Deed form called Preliminary I believe we are to check no on all the questions. This is what we have been told.
California has some of the highest taxes in the nation. One particularly heinous tax is on the sale of real estate. However, certain transactions are not taxable such as between spouses or into certain trusts. In your case, it may be taxable. Check with a local real estate attorney to determine if your transfer is taxable and how you can avoid the tax.