Posted on: 16th Dec, 2008 01:24 pm
i recently placed my house for sale. my son asked to take over/purchase
my house and use it as rental property for income tax purposes. i am
willing to give him the house. what route do i need to take in order to
make the transaction legal with irs? do i sign a quit claim deed or
do we go through the process of refinancing home in his name?
my house and use it as rental property for income tax purposes. i am
willing to give him the house. what route do i need to take in order to
make the transaction legal with irs? do i sign a quit claim deed or
do we go through the process of refinancing home in his name?
hi jclarijavi!
welcome to forums!
if you want to sell your property to your son, you can use a warranty deed. you can get free warranty deeds online but it is always better to draft the deed from an attorney. once you fill out the deed properly, you will have to notarize it and record it at the county recorder's office.
if you have taken a mortgage on the property, then your son will have to refinance it after the ownership of the property is transferred in his name.
feel free to ask if you have further queries.
sussane
welcome to forums!
if you want to sell your property to your son, you can use a warranty deed. you can get free warranty deeds online but it is always better to draft the deed from an attorney. once you fill out the deed properly, you will have to notarize it and record it at the county recorder's office.
if you have taken a mortgage on the property, then your son will have to refinance it after the ownership of the property is transferred in his name.
feel free to ask if you have further queries.
sussane