Posted on: 27th May, 2008 12:24 pm
My grandfather wants to transfer the ownership of the property over to me. No money exchange. I was wondering, are there any hidden fees and extra steps in filing a quick deed. To me it sounds very similier to a gift. And when i have the quick deed filed and noterized, upon filing, will there be taxs, .....any other fees absorbed?
And after this takes place, Is it a done deal, legely?
Thanks for any advice
And after this takes place, Is it a done deal, legely?
Thanks for any advice
Hi swccuz,
Welcome to the forum.
If your grandfather transfers the property to you then he may have to pay the gift tax. But he can get gift tax exemption and the gift tax exemption limit is currently $12,000. BTW to make the quitclaim deed valid you need to notarize and record the deed in the county recorder's office.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
If your grandfather transfers the property to you then he may have to pay the gift tax. But he can get gift tax exemption and the gift tax exemption limit is currently $12,000. BTW to make the quitclaim deed valid you need to notarize and record the deed in the county recorder's office.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome swccuz,
To make a deed valid you will have to notarize and record the deed as larry has suggested. You may only have to pay for the fees for notarizing and recording the deed.
To make a deed valid you will have to notarize and record the deed as larry has suggested. You may only have to pay for the fees for notarizing and recording the deed.
To transfer title, use a Grant Deed, signed and notarized and filed in the county where the property is located.
Tax issues are more complicated. It is definitely a gift, but there may be exemptions. Also, the tax basis (cost) of the property may be affected for capital gains. Check with a CPA, if you want to make sure.
Tax issues are more complicated. It is definitely a gift, but there may be exemptions. Also, the tax basis (cost) of the property may be affected for capital gains. Check with a CPA, if you want to make sure.
