Posted on: 02nd Oct, 2008 11:40 pm
My aunt is married and have a community property with her husband in California. She would like to transfer-donate her part of the asset to her sister-in-law. How she could do that? Does she have to file the Preliminary Change of Ownership Report and the Grant Deed together? Does she have to pay any tax (State or Federal) for the donation?
Thank you.
Thank you.
Hi chryse !
Welcome to Forums!
Both the Preliminary Change of Ownership Report and the Grant Deed are required when a person is buying property from someone. If your aunt is selling her portion of the property, then she can go for either of them. If she is doing a gift transfer, then she does not require them. She can simply transfer the property by a quitclaim deed. I think she will have to pay the taxes for donation because this is not a charitable donation.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Both the Preliminary Change of Ownership Report and the Grant Deed are required when a person is buying property from someone. If your aunt is selling her portion of the property, then she can go for either of them. If she is doing a gift transfer, then she does not require them. She can simply transfer the property by a quitclaim deed. I think she will have to pay the taxes for donation because this is not a charitable donation.
Feel free to ask if you have further queries.
Sussane
Hi chryse !
I do not think you will require either Preliminary Change of Ownership Report or the Grant Deed. A quitclaim deed may serve your purpose. To be on the safer side, you can also take some legal help.
Thanks,
Jerry
I do not think you will require either Preliminary Change of Ownership Report or the Grant Deed. A quitclaim deed may serve your purpose. To be on the safer side, you can also take some legal help.
Thanks,
Jerry
My wife passed away.We own a house as a community property in the state of Washington.
Do I need to transfer ownership (her part of the property) before I put the house on the market for sale.
Thank you
Do I need to transfer ownership (her part of the property) before I put the house on the market for sale.
Thank you
Hi Dimitar,
Yes, you should transfer her share of the property in your name by filing an affidavit of heirship. Then, you can place the property in the market and sell it off easily.
Thanks
Yes, you should transfer her share of the property in your name by filing an affidavit of heirship. Then, you can place the property in the market and sell it off easily.
Thanks