Posted on: 10th Dec, 2010 08:03 pm
My husband and my son in escrow now to purchase the property for our son since he will not qualify himself. If they get the title together and later on we will want to remove my husband from the title will it has any tax implications?
Welcome Brother,
Your husband will be liable for paying taxes if he transfers the house to your son as a gift. However, there are gift tax exemptions. If the transfer of property falls within that exemption limit, then your husband won't have to pay gift taxes.
Your husband will be liable for paying taxes if he transfers the house to your son as a gift. However, there are gift tax exemptions. If the transfer of property falls within that exemption limit, then your husband won't have to pay gift taxes.