Posted on: 08th Jun, 2010 07:04 am
i want to quit claim deed a piece of property to my son.
i just want him to take over property.
what are the tax problems for him. is this considered a gift to him? will he have to fill out a tax form?
what is the easiest way to handle this?
thank you,
i just want him to take over property.
what are the tax problems for him. is this considered a gift to him? will he have to fill out a tax form?
what is the easiest way to handle this?
thank you,
Hi lavonnelane,
You can use a quit claim deed in order to transfer the property to your son. If there is a mortgage on the property, then your son will have to refinance the loan in his name. If you transfer the property as a gift, then you would be liable for the gift taxes. Your son, on the other hand, will be liable for the property taxes and the other required maintenance fees.
Thanks
You can use a quit claim deed in order to transfer the property to your son. If there is a mortgage on the property, then your son will have to refinance the loan in his name. If you transfer the property as a gift, then you would be liable for the gift taxes. Your son, on the other hand, will be liable for the property taxes and the other required maintenance fees.
Thanks
Hi Lavonnelane,
If you want to transfer the property to your son then you need to sign a quitclaim deed and make your son the sole owner of the property. However, as you are gifting the property to your son you need to sign a gift letter mentioning everything clearly. You need to pay the gift taxes and your son will be liable to pay the property related taxes.
If you want to transfer the property to your son then you need to sign a quitclaim deed and make your son the sole owner of the property. However, as you are gifting the property to your son you need to sign a gift letter mentioning everything clearly. You need to pay the gift taxes and your son will be liable to pay the property related taxes.