Posted on: 28th Nov, 2010 12:36 pm
my son and I purchased some bare land. he had it deeded in my name. can I deed it back to him piece by piece to build homes on? Can we both then split the profits when selling the new home? We would pay income taxes on the profit. Is this correct?
Welcome frisco,
You can use a quitclaim deed in order to transfer the property to your son. You and your son can split the profit between yourselves. You and your son will be liable for paying capital gains taxes on the profit that you receive from the sale of the property.
You can use a quitclaim deed in order to transfer the property to your son. You and your son can split the profit between yourselves. You and your son will be liable for paying capital gains taxes on the profit that you receive from the sale of the property.
this is my post---
As son purchased it in your name and why you want to again transfer it to HIM?
any specific reason...
As son purchased it in your name and why you want to again transfer it to HIM?
any specific reason...