Posted on: 30th Aug, 2009 08:11 pm
my dad would like me to put my name on the title of his house.
should i put it in a trust, or should i have a quit claim deed made?
because i am family, would it get assessed again?
would i pay capital gains if sold?
should i put it in a trust, or should i have a quit claim deed made?
because i am family, would it get assessed again?
would i pay capital gains if sold?
HI Granpa,
Welcome to our forum.
Yes, Your father can transfer home on to your name by signing a quite claim deed.
"Would I pay capital gains if sold?"
Capital Gains tax amount will be depending on your profit in the deal of your property.
Thanks & Regards.
gunz.ijjistaff
Welcome to our forum.
Yes, Your father can transfer home on to your name by signing a quite claim deed.
"Would I pay capital gains if sold?"
Capital Gains tax amount will be depending on your profit in the deal of your property.
Thanks & Regards.
gunz.ijjistaff
Your father can use a quitclaim deed in order to add your name to the property deed. As far as putting the property into a trust is concerned, it's totally your discretion. As far as taxes are concerned, it would be assessed again. If you sell off the property, then you would be liable for paying the capital gains taxes.
