Posted on: 17th Sep, 2012 07:13 am
My inlaws would like to transfer the deed to their home (no liens) to my husband and I and use the value of the home as a down payment for us to purchase our first home. Can this be done without any significant tax or inheritance ramifications? Also, do you know how the down payment would work for a new mortgage if we did this?
Thank you.
Thank you.
Hi Muckdo!
Welcome to forums!
I don't think there will be any inheritance ramification but there may be transfer taxes involved in the whole process. It will be better if you could contact a tax adviser and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think there will be any inheritance ramification but there may be transfer taxes involved in the whole process. It will be better if you could contact a tax adviser and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome Muckdo,
If it is a gift transfer, then your inlaws will be liable for paying the gift taxes.
If it is a gift transfer, then your inlaws will be liable for paying the gift taxes.