Posted on: 19th Aug, 2009 05:59 pm
my fiance's father owns the house we currently live in. He wants to 'give' us the house, all we need to do is take over the mortgage payments 19 years left out of 30. It is her father's second home. My question is what are the tax implications for her father? thanks
sof28083
Welcome to the forum
You will have to pay some transfer fees. But I don't think you will have to pay any other taxes
Good luck and feel free to ask
Welcome to the forum
You will have to pay some transfer fees. But I don't think you will have to pay any other taxes
Good luck and feel free to ask
Hi sof!
Welcome to forums!
If your fiance's father transfers the property to you as a gift, then he would be liable for the gift tax. However, there are certain exemptions when he pays the gift taxes. To know about 2009 gift tax exemptions, check out the following page:
http://www.mortgagefit.com/gift.html#111114
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your fiance's father transfers the property to you as a gift, then he would be liable for the gift tax. However, there are certain exemptions when he pays the gift taxes. To know about 2009 gift tax exemptions, check out the following page:
http://www.mortgagefit.com/gift.html#111114
Feel free to ask if you've further queries.
Sussane