Posted on: 01st Mar, 2010 10:30 am
Hi,
I was the first owner of my house. Then I added both my retired parents to it. Now they want to remove their names from the house. Will I have to pay any taxes as a result?
I was the first owner of my house. Then I added both my retired parents to it. Now they want to remove their names from the house. Will I have to pay any taxes as a result?
Hi Guest!
Welcome to forums!
Your retired parents will have to sign a quit claim deed in your favor and transfer the property to you. If the property is transferred to you as a gift, then they would be liable for paying gift taxes and not you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your retired parents will have to sign a quit claim deed in your favor and transfer the property to you. If the property is transferred to you as a gift, then they would be liable for paying gift taxes and not you.
Feel free to ask if you've further queries.
Sussane