Posted on: 22nd Apr, 2009 01:37 pm
Hi my name is Amy, My husband and I own a house with a mortgage, we want to add our daughter's name to the title, so she can help to pay the mortgage every month. ther will be 3 names on title, will we have to pay gift tax of 2009 next year(assume we do this year). thank you for answering my question.
Hi owenmay,
You can add your daughter to the title through a quit claim deed. You and your husband need to sign the deed as grantors and you two and your daughter would be the grantees. You may have to pay gift taxes, but you can also claim certain gift tax exemptions.
You can add your daughter to the title through a quit claim deed. You and your husband need to sign the deed as grantors and you two and your daughter would be the grantees. You may have to pay gift taxes, but you can also claim certain gift tax exemptions.