Posted on: 22nd Dec, 2009 12:28 pm
I own a home in Ohio, no mortgage. I would like to transfer the deed into my 3 children's names. How do I go about doing this? And can I do this as a gift, rather than them paying me any money for the property?
Hi marylgarr!
Welcome to forums!
As the property is free and clear, you can use a warranty deed to transfer the property to your children. You can definitely transfer your property to them as gift but you would become liable for paying the gift taxes. You can contact a real estate attorney and he will help you in drafting a warranty deed or a gift deed and also help you in filling it out.
As far as gift taxes are concerned, there are certain exceptions. You can check it out from the given page:
http://www.mortgagefit.com/gift.html#111114
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the property is free and clear, you can use a warranty deed to transfer the property to your children. You can definitely transfer your property to them as gift but you would become liable for paying the gift taxes. You can contact a real estate attorney and he will help you in drafting a warranty deed or a gift deed and also help you in filling it out.
As far as gift taxes are concerned, there are certain exceptions. You can check it out from the given page:
http://www.mortgagefit.com/gift.html#111114
Feel free to ask if you've further queries.
Sussane