Posted on: 27th Sep, 2010 11:03 am
i own a house outright (no mortgage) and i want tranfer the title and give it to my parents via a quit claim deed. is this possible? would there be gift taxes and income taxes that i need to consider? thanks.
Hi Quin!
Welcome to forums!
As there is no mortgage on the property, you can even use a warranty deed to transfer the property to your parents. If you transfer the property as a gift, then you'll be liable for gift taxes. However, there is a lifetime gift tax exemption of $1 million. If you sell off your property to your parents and make profit from it, then you'll be liable for paying capital gains taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As there is no mortgage on the property, you can even use a warranty deed to transfer the property to your parents. If you transfer the property as a gift, then you'll be liable for gift taxes. However, there is a lifetime gift tax exemption of $1 million. If you sell off your property to your parents and make profit from it, then you'll be liable for paying capital gains taxes.
Feel free to ask if you've further queries.
Sussane