Posted on: 16th Feb, 2010 04:01 pm
My parents purchased a home that I am now paying mortgage on and renting it to tenants. Can I be added to the title of the house and upon death (god forbid)will be excluded from estate taxes since I am on the deed?...Assuming that they have already gifted me the max amount I am eligible to receive in a lifetime or per year(from liquid cash), are there any tax implications for being added to the deed and getting full ownership of the home upon death(also assuming there are estate taxes)? They are 100% okay of adding me to the title and I am capable of handling what is owed. If i am on the deed (title) and they pay off what is owed, are there any tax implications for that upon death of getting full ownership of the home? And if they already have a home that is fully paid off, what are the tax implications upon death? Thank you so much for your help!
Hi ronakpatel!
Welcome to forums!
Your parents can add your name to the property deed by using a quit claim deed. If the property is transferred to you as a gift, then they would have to pay gift taxes on that amount. You would become one of the owners of the property and would be responsible for the property taxes and other bills. You can even refinance the mortgage in your name. This will make you fully responsible for the home loan. Apart from this, I don't think you would be responsible for any other taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your parents can add your name to the property deed by using a quit claim deed. If the property is transferred to you as a gift, then they would have to pay gift taxes on that amount. You would become one of the owners of the property and would be responsible for the property taxes and other bills. You can even refinance the mortgage in your name. This will make you fully responsible for the home loan. Apart from this, I don't think you would be responsible for any other taxes.
Feel free to ask if you've further queries.
Sussane