Posted on: 11th Mar, 2009 05:40 am
My parents signed their home over to me with them having a life lease. It has not been recorded since they are still living in the home. Should I record it now? If so, how does this affect the taxes?
Hi kntgatt,
It's always better to record the deed as soon as it is signed and notarized. You should record the deed asap. Well, as far as the taxes are concerned you may have to pay recording fees, doc stamp taxes etc. If the property was gifted to you, your parents can avail the gift tax exemptions.
Thanks,
Jerry
It's always better to record the deed as soon as it is signed and notarized. You should record the deed asap. Well, as far as the taxes are concerned you may have to pay recording fees, doc stamp taxes etc. If the property was gifted to you, your parents can avail the gift tax exemptions.
Thanks,
Jerry