Posted on: 04th Apr, 2008 09:01 am
my parents bought a home for me 5 years agao, i make the mortgage and escrow payments and i am listed as homestaed on the proprety with the county. would siging a quit claim deed over to me be beneficial? we are looking to sell the home and buy something new on my own. also, would i have to pay the capital gains tax then?
If you are going to sell the house, just sell it as is, don't make any changes to the title. Your parents can then gift you the proceeds of the sale to purchase another property.
Your parents would be responsible for any capital gains on the sale of the property. Your parents may be liable for a gift tax if the amount is over $12,000.
There are ways of getting around the taxes using a trust. Consult with an estate planning attorney for that.
Your parents would be responsible for any capital gains on the sale of the property. Your parents may be liable for a gift tax if the amount is over $12,000.
There are ways of getting around the taxes using a trust. Consult with an estate planning attorney for that.
Welcome kiwistraw,
Agree with jheard that if you want to sell the property then no need to use a quitclaim deed and transfer the title on your name.
Let me know if you have any more queries.
Agree with jheard that if you want to sell the property then no need to use a quitclaim deed and transfer the title on your name.
Let me know if you have any more queries.
