Posted on: 02nd Nov, 2013 01:12 pm
My home is paid off without any liens and I want to quit claim my home to my son--- ---what are the pros and cons for doing this
Hi RAINBOW,
As you quitclaim your property to your son, he will become the owner of the property and you will not have any claims to it. If you transfer the property as a gift, then you may be liable for paying the gift taxes.
Thanks
As you quitclaim your property to your son, he will become the owner of the property and you will not have any claims to it. If you transfer the property as a gift, then you may be liable for paying the gift taxes.
Thanks