Posted on: 27th Feb, 2011 08:17 am
My mom is 88 years old and wants to give her full paid home to me, but don't know which form to use, grant deed or quit claim or both? Also, is there a form to avoid inheritance tax? I would like to pay the taxes she paid when she bought the home in 1967.
Hi susanz,
Your mother can use a warranty deed in order to transfer the property in full to you. However, if she transfers the property to you as a gift, then she will be liable for paying gift tax.
Your mother can use a warranty deed in order to transfer the property in full to you. However, if she transfers the property to you as a gift, then she will be liable for paying gift tax.
What form can she use to avoid paying gift tax?
Hi Susan!
Welcome to forums!
You should contact a tax adviser and take his help in this matter. The tax adviser will be able to guide you in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact a tax adviser and take his help in this matter. The tax adviser will be able to guide you in this matter.
Feel free to ask if you've further queries.
Sussane