Posted on: 04th Oct, 2010 09:36 am
value mortgage - 328,000
I paid down payment of 60,000 to purchase and I have been making all payments and tax payments.
I want to remove my parents from deed.
I am already on deed with my parents.
Can they transfer to me as gift?
Am I taxed on the whole amount or 2/3 of the total?
This is a NYC property .
What are tax implications - can they avoided?
I paid down payment of 60,000 to purchase and I have been making all payments and tax payments.
I want to remove my parents from deed.
I am already on deed with my parents.
Can they transfer to me as gift?
Am I taxed on the whole amount or 2/3 of the total?
This is a NYC property .
What are tax implications - can they avoided?
hi guest!
welcome to forums!
your parents can sign a quit claim deed and transfer the property to you. they can transfer the property to you as a gift but in that case they will be liable for paying gift taxes if they cross the annual gift exemption limit of $13000 .
feel free to ask if you've further queries.
sussane
welcome to forums!
your parents can sign a quit claim deed and transfer the property to you. they can transfer the property to you as a gift but in that case they will be liable for paying gift taxes if they cross the annual gift exemption limit of $13000 .
feel free to ask if you've further queries.
sussane