Posted on: 01st Sep, 2010 06:07 pm
my son and I own a home jointly. I would like to take my name off the deed. The home is paid for. How can I do this without taxes being levied on either of us. No money is involved only name taken off property.
Hi beamer!
Welcome to forums!
You can use a warranty deed to transfer your share of the property to your son. However, you would be liable for paying stamp doc fees, deed recording fees, etc. Moreover, if it's a gift transfer, then you might be liable for paying the gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can use a warranty deed to transfer your share of the property to your son. However, you would be liable for paying stamp doc fees, deed recording fees, etc. Moreover, if it's a gift transfer, then you might be liable for paying the gift taxes.
Feel free to ask if you've further queries.
Sussane