Posted on: 25th Oct, 2008 08:26 pm
i'm trying to help protect my father from losing everything.
will this quit claim deed be helpful and what are the tax implications ?
thank you for your time
will this quit claim deed be helpful and what are the tax implications ?
thank you for your time
Anybody on the net today ;-)))
Hi cricketj!
Welcome to forums!
Yes, your father can transfer his property in your name property. You father will be required to pay the transfer taxes. However, you should remember that if his wife has any interest in the property, that won't be transferred in your name. Only your father's property interest will be transferred in your name.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, your father can transfer his property in your name property. You father will be required to pay the transfer taxes. However, you should remember that if his wife has any interest in the property, that won't be transferred in your name. Only your father's property interest will be transferred in your name.
Feel free to ask if you have further queries.
Sussane
Do you know what a general fee would be on a $500,000 house ( California ) ? Also what about the once in a lifetime gift ? or other ways to protect his interests ?
Thank you for your time .
Thank you for your time .
Hi cricketj!
Normally the fees are charged as $.70 per $100.00 of the sale price. There is a lifetime gifting limit of $1,000,000 before any gift tax will be applied. If you cross this limit then a gift tax can be applied.
Yes, you can definitely protect your father's interest in the property. When your father quitclaims the property to you, you can ask him to include the clause of life estate in the deed. This will give your father the right to stay in the property until death.
Thanks.
Normally the fees are charged as $.70 per $100.00 of the sale price. There is a lifetime gifting limit of $1,000,000 before any gift tax will be applied. If you cross this limit then a gift tax can be applied.
Yes, you can definitely protect your father's interest in the property. When your father quitclaims the property to you, you can ask him to include the clause of life estate in the deed. This will give your father the right to stay in the property until death.
Thanks.