2007-07-18 17:10:03 · 9 answers · asked by alecdman 1 in Business & Finance ➔ Renting & Real Estate
Start at the county recorders office and sign a Quit Claim to him ONLY if you own the house free and clear. If you owe a lender, you can add your brother to title but not give it to him outright.
2007-07-18 17:13:29 · answer #1 · answered by blaxjulian 1 · 0⤊ 0⤋
Yes, you can, but seek qualified tax counsel as to how to do so without incurring a gift tax liability.
You are allowed to 'gift' to any person $11,000 (or perhaps $12,000 now) annually to any one person, subject to a lifetime maximum. If you gift the entire value of the house in one tax year, you will trigger a gift tax liability.
There are legal ways around it. Consult a qualified professional for advice.
2007-07-18 17:15:34 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Deed it over to him.
Keep in mind that you may trigger a Gift Tax event for yourself, depending upon the numbers and your lifetime gifting history. If there is a Gift Tax, you will have to pay it, not your brother.
2007-07-18 17:13:15 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes you can, but depending on your state regulations you may have to pay not only a gift tax, but also excise tax. In some states anytime names change on title (thus your brothers name would be on title instead of yours as the new legal owner). In the end it certainly is a generous gesture, but it certainly will not be cost-free.
2007-07-18 17:15:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Simply quit claim him onto the deed to the home and quit claim yourself off of the deed to the home. If there is a mortgage on the property, then you will probably want to have him obtain financing in his name unless you feel comfortable with him making payments to you. There are tax consequences and many different items that may come into play here with the tax implications of this gift and it is highly advised that you speak with an accountant in regards to this aspect of it, before you do this.
2007-07-18 17:17:52 · answer #5 · answered by dzwreck 4 · 1⤊ 0⤋
Give him the keys and say, "It's all yours!"
Tie a big bow on the door and put a note on it that says something about it now belonging to him.
Think of some cool creative ideas! Throw a party at what will be his house!
2007-07-18 17:16:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you would have to pay gift tax. You are limited to 12,000/yr tax free gift to each person. I don't know what the taxes are on gifts above that amount - talk to a CPA
2007-07-18 17:14:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
First is to talk to a tax attourney about the tax consequences of such action.
It's a nice gesture to give your brother your house, but don't hang yourself financially to do it.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
2007-07-19 13:17:21 · answer #8 · answered by Terry S 5 · 0⤊ 0⤋
family trust
2007-07-18 17:25:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋