Posted on: 20th Sep, 2008 02:20 pm
WANT TO TRANSFER HOUSE IN MY NAME TO MY CHILDREN, IT'LL BE MY GIFT TO THEM. WHAT'S CHEAPEST WAY TO DO IT. WILL I OWE ANY TAX?
Hi PHOEBE!
Welcome to Forums!
Quitclaim deed will be the best way to transfer the house as a gift to your children. There is a possibility that you will have to pay a gift tax but there are exemptions on it as well. Apart from this, you will have to pay the transfer tax and the payments for doc stamp.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Quitclaim deed will be the best way to transfer the house as a gift to your children. There is a possibility that you will have to pay a gift tax but there are exemptions on it as well. Apart from this, you will have to pay the transfer tax and the payments for doc stamp.
Feel free to ask if you have further queries.
Sussane
Hi PHOEBE!
Welcome to Forums!
You cannot quitclaim your property to your children if they are minors. So if they are adults, quitclaim is the best way to do it.
Hope this helps you.
Thanks,
Jerry
Welcome to Forums!
You cannot quitclaim your property to your children if they are minors. So if they are adults, quitclaim is the best way to do it.
Hope this helps you.
Thanks,
Jerry