Posted on: 25th May, 2009 05:14 am
My brother and I are on a house deed in California. I paid for all the expenses for the house. My brother would like to remove his name from the deed. Is there a way he can avoid filing a Gift Tax Return since he did not contribute to the purchase of the house?
The house was purchased for $150,000. It is now worth $200,000. There is currently no mortgage on the house.
The house was purchased for $150,000. It is now worth $200,000. There is currently no mortgage on the house.
You can avoid tax when tranfering property .
I would say contact any broker.
I would say contact any broker.
Hi bluemonday,
If your brother transfers the property to you as a gift, then he won't be able to avoid the gift taxes. I would suggest you to contact a real estate attorney before your brother transfers the property. The real estate attorney is the best person to guide you in this regard.
Thanks
If your brother transfers the property to you as a gift, then he won't be able to avoid the gift taxes. I would suggest you to contact a real estate attorney before your brother transfers the property. The real estate attorney is the best person to guide you in this regard.
Thanks