Posted on: 10th Oct, 2013 01:20 pm
I bought a house for my son and have his name on the deed. He has moved and has no interest to live in this house. Since I paid for the house can I transfer the deed on my name ? I have a promisory note from him for the amount I paid. What are the tax implication? No quitclaim deed was done.
You can transfer the deed through a quitclaim deed, but your son has to agree for that. To know about the tax implications, it is better to consult a tax advisor.
Yes, a quitclaim deed signed by your son would be the best option here since that would formally imply that no longer has any interest on that house.