Posted on: 27th Feb, 2010 03:42 pm
My mother wants to transfer ownership of real estate property to me her son. The property is in the state of Washington, it is a second home, but she is worried about having to pay capital gain taxes on the transfer. I am also worried about having to pay any inheritance taxes on the property. The home has no morgage on it. What is the best way to transfer the property from her to me without any tax liabilities.
Hi mysailisfull,
If your mother transfers the property to you as a gift, then she would be responsible for paying the gift taxes. If she sells off the property to you, then she would be liable for the capital gains taxes depending upon the profit she makes from the sale. You won't be liable for any taxes. I don't think it would be possible for your mother to avoid the tax liabilities.
If your mother transfers the property to you as a gift, then she would be responsible for paying the gift taxes. If she sells off the property to you, then she would be liable for the capital gains taxes depending upon the profit she makes from the sale. You won't be liable for any taxes. I don't think it would be possible for your mother to avoid the tax liabilities.