2007-09-11 06:58:19 · 6 answers · asked by Michael 1 in Business & Finance ➔ Taxes ➔ United States
Your parents would have a huge increase in income (higher taxes), and you would not get a tax deduction for it.
You would have to pay property taxes up until the change of ownership.
2007-09-11 07:05:01 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 1⤋
I don't need to repeat what other posters have already said. Just want to add:
When you will inherit the property, there may be estate tax liability.
When a person leaves his/her estate for a grandchild there is an additional tax called Generation skipping tax besides the estate tax.
2007-09-11 07:16:14 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
You just gave your parents a gift. Depending upon the value of the home you may have to pay gift taxes.
2007-09-11 07:02:55 · answer #3 · answered by Bostonian In MO 7 · 4⤊ 0⤋
It's a gift right? Therefore you will probably have to pay the fees to sign it over and little or none taxes.
2007-09-11 07:05:24 · answer #4 · answered by physco 3 · 0⤊ 0⤋
Someone still has to pay the taxes so make sure you do it legally or you are the one going to jail.
2007-09-11 07:03:46 · answer #5 · answered by Pancake 7 · 0⤊ 1⤋
If you have a mortgage on it also, you can't just transfer that over to them - talk to a lawyer and /or real estate agent
2007-09-11 07:04:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋