Posted on: 11th Sep, 2010 10:14 am
I live inFl,and want to add my son on to my deed , my husband will remain on the deed, since the mortgage is in his name, the bank will add my son onto loan as a co-borrower,since no moneyis exchanging hands, will there be tax implications
Hi Guest,
If it's a gift transfer, then you and your husband will be liable for gift taxes. However, there are exemptions. You'll have $1 million lifetime exemption in case of gift transfers.
If it's a gift transfer, then you and your husband will be liable for gift taxes. However, there are exemptions. You'll have $1 million lifetime exemption in case of gift transfers.