Posted on: 29th Jan, 2009 10:13 am
Hi,
I would like to ask some real-estate questions, if anyone can help me with this I would really appreciate it. Here is my situation:
I own a condo in Virginia and I am the only person on the deed. My mom lives in the condo and she pays me rent. I live in a different state and I would like my mom to go to the meetings and pretty much take care of everything there. I would like to add my mom to the deed of the condo and I am not sure what document to use for this matter.
I read that I can quit claim it to my mom but I want my name on the deed of the condo as well. Also, I do not want the IRS consider this as a gift to my mom, so she will not have to pay taxes at the end of the year. What is the best way to add her without us having to pay any taxes on it?
Second question is, when she passes away I do not want to have to pay any taxes on the inheritance part, meaning I do not want her part to be considered as I inherited it. In this case, should I specify in the deed that we both have the right of survivorship, is that enough?
Finally, will she have to pay any taxes on the property, how will it work? Will we have to pay taxes on the condo separately or not?
Also, what is best, to quitclaim or to have another deed drown up?
Thank you very much,
Please help me whoever can.
[/b]
I would like to ask some real-estate questions, if anyone can help me with this I would really appreciate it. Here is my situation:
I own a condo in Virginia and I am the only person on the deed. My mom lives in the condo and she pays me rent. I live in a different state and I would like my mom to go to the meetings and pretty much take care of everything there. I would like to add my mom to the deed of the condo and I am not sure what document to use for this matter.
I read that I can quit claim it to my mom but I want my name on the deed of the condo as well. Also, I do not want the IRS consider this as a gift to my mom, so she will not have to pay taxes at the end of the year. What is the best way to add her without us having to pay any taxes on it?
Second question is, when she passes away I do not want to have to pay any taxes on the inheritance part, meaning I do not want her part to be considered as I inherited it. In this case, should I specify in the deed that we both have the right of survivorship, is that enough?
Finally, will she have to pay any taxes on the property, how will it work? Will we have to pay taxes on the condo separately or not?
Also, what is best, to quitclaim or to have another deed drown up?
Thank you very much,
Please help me whoever can.
[/b]
Hi Amy,
You can use a quitclaim deed to add your mother's name to the deed of the property. You can write your name as the grantor of the property and both your mother's name and your name as grantee to the property. As far as the ownership of the property is concerned, you can definitely go for joint tenancy with right to ownership. While drawing the deed, I would suggest you to take the help of a lawyer. He will help you in knowing whether you will need to pay any inheritance taxes.
As far as taxes are concerned, you can include both the names on the tax documents and thus both of you will be able to pay the taxes.
You can use a quitclaim deed to add your mother's name to the deed of the property. You can write your name as the grantor of the property and both your mother's name and your name as grantee to the property. As far as the ownership of the property is concerned, you can definitely go for joint tenancy with right to ownership. While drawing the deed, I would suggest you to take the help of a lawyer. He will help you in knowing whether you will need to pay any inheritance taxes.
As far as taxes are concerned, you can include both the names on the tax documents and thus both of you will be able to pay the taxes.