2006-09-14 03:25:14 · 8 answers · asked by kthanke@sbcglobal.net 1 in Business & Finance ➔ Renting & Real Estate
The title of what? When you ask a question you need to ,earn to give complete information if you want a compelete answer.
2006-09-14 03:28:26 · answer #1 · answered by SDD 7 · 0⤊ 0⤋
Can you re-write the question so it makes sense? Title to a car, or to real estate? Are you talking about property taxes, income taxes, or what? Do you mean taxes payable now, or after you die, assuming you die before your son?
These are important bits of information you need to supply, if you expect an answer with any kind of quality at all.
For example, if it's real estate and you are the sole owner, and you die first, he can inherit a house, and the value will be the fair market value on the date of your death. But if he already owns half the house, that will make a big difference if he decides to sell it. On the other hand, he might decide to live in that house, which would change the scenario.
2006-09-14 03:38:17 · answer #2 · answered by Carlos R 5 · 0⤊ 0⤋
Adding you son to a title would be bad for two reasons.
1. If he is ever in an accident and sued the house could be taken away from you.
2. When you die he will get the house with the original tax basis while if it was inherited the tax basis would step up to the current value.
2006-09-14 03:34:39 · answer #3 · answered by Barkley Hound 7 · 0⤊ 0⤋
It can allow him to deduct mortgage interest if he makes payments towards the mortage. However if there is a big potential capital gain and he would inherit the house, that will be a lot better from a tax point of view. Also having him on your title will prevent you from getting a reverse mortgage if you need money from your home equity.
Definitely consult with a fee-only financial planner and or lawyer before doing this.
2006-09-14 03:57:00 · answer #4 · answered by VATreasures 6 · 0⤊ 0⤋
Taxes on real estate are premised on the property values not on the people who hold interest in the property. Reduction of taxes however are premised on other issues that can be determined on the qualifications of the individuals shown to be the owners on the property depending on the laws in your state.
2006-09-14 03:57:25 · answer #5 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Not if you don't sell. Although he would be responsible for the property appraiser's assessed taxes if you fail to pay.
2006-09-14 03:28:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Where are you? The answer to this varies based upon the state or nation you are in.
2006-09-14 07:14:11 · answer #7 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
If you mean car tax, then no.
2006-09-14 03:32:57 · answer #8 · answered by owensb01 3 · 0⤊ 0⤋