Posted on: 24th Jun, 2010 07:43 pm
Hello,
If the father wants to transfer the current owned property (not free of debt yet) to the son, what is the procedure? And will it trigger any inherit/estate/gift tax? And will the property tax be re-accessed?
Thanks!
If the father wants to transfer the current owned property (not free of debt yet) to the son, what is the procedure? And will it trigger any inherit/estate/gift tax? And will the property tax be re-accessed?
Thanks!
Hi Jaymee!
Welcome to forums!
The father will have to sign a quit claim deed in order to transfer the property to the son. If the father transfers the property as a gift, then the father will be liable for paying the gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The father will have to sign a quit claim deed in order to transfer the property to the son. If the father transfers the property as a gift, then the father will be liable for paying the gift taxes.
Feel free to ask if you've further queries.
Sussane