Posted on: 20th Oct, 2008 11:15 am
I own a second home in Colorado that I would like to transfer title of that home to my mother. The home is paid for in full, so there isn't any mortgage or loan transfers to worry about. I am confused about what taxes I would end up paying (if any) on this transaction. How do I transfer this house to my mom without paying lots in taxes or fees? I should add that this house was paid in cash by my mom about four years ago but remained in my name. So, it's always been "her" house but just in my name. Now she wants the house (that is rightly hers) in her name.
Any suggestions on how best to move forward?
Any suggestions on how best to move forward?
Hi Guest!
Welcome to forums!
There will be certain transfer fees when you will transfer the house in your mother's name. The property taxes have to be paid by your mother henceforth as the house will be in her name.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
There will be certain transfer fees when you will transfer the house in your mother's name. The property taxes have to be paid by your mother henceforth as the house will be in her name.
Feel free to ask if you have further queries.
Sussane
Hi Guest!
You will have to pay some transfer fees. But I don't think you will have to pay any other taxes. As the property will be transferred in your mother's name, I hope she will be paying the property taxes.
Thanks.
You will have to pay some transfer fees. But I don't think you will have to pay any other taxes. As the property will be transferred in your mother's name, I hope she will be paying the property taxes.
Thanks.
Thanks Alaska and Ne Jersey for your information. I was really wondering how the IRS would view this transfer to my mom. Is it considered a "gift" so I would have to pay gift tax, etc. My mom is currently paying all the property taxes, so that isn't an issue thankfully. My concern is what will the IRS think? I think I may have to pay property gain tax - see, I just don't know. I may have to find a real estate accountant. Thanks for your help!
Hi Guest,
I think you are correct. You will have to pay the capital gains tax while you transfer the property in your mother's name.
Thanks.
I think you are correct. You will have to pay the capital gains tax while you transfer the property in your mother's name.
Thanks.