Posted on: 13th Feb, 2011 07:10 am
My father wants to put the deed in my name. There is still 8,000 owned on the property. is this possible and will it prevent us from having to pay inheritance tax when he passes away
Hi Shirley,
If your father transfers the property to you as a gift, then he will be liable for paying the gift taxes. I don't think you'll be liable for paying inheritance tax. But it will be better if you can contact a tax adviser and take his help in this matter.
If your father transfers the property to you as a gift, then he will be liable for paying the gift taxes. I don't think you'll be liable for paying inheritance tax. But it will be better if you can contact a tax adviser and take his help in this matter.