2007-11-04 14:59:41 · 4 answers · asked by GLORIA B 1 in Business & Finance ➔ Renting & Real Estate
(adult child)
2007-11-04 15:00:43 · update #1
Many states allow to "transfer" real estate to an adult child. There are some fees and taxes involved, but it doesn't have to be a sale.
Something like this is worth spending several hundred dollars and consult a real estate attorney, just to make sure everything is done properly.
2007-11-04 15:49:44 · answer #1 · answered by REALTOR 3 · 1⤊ 1⤋
yes, but it is a gift and you have to file a gift tax return.
Gloria, unfortunately on yahoo answers you get a bunch of yahoos (pun intended) answering question they know nothing about and think they are the utimate authority. Apparently 4 people did not like my answer even though I am a CFP and this is what i do for a living. Oh well, THEY can pay the taxes and penalties on THEIR stupid mistakes. I do agree with another answerer that you need to contact a CPA to find out exactly what you would pay in gift taxes and what would be a better alternative.
2007-11-04 15:02:47 · answer #2 · answered by Anonymous · 0⤊ 4⤋
Gloria,
consult a tax attorney/CPA in your state for serious info.
if u did so you could be taxed IRS and they could be taxed forcing u /them to sell the property.
do not do this until u have 3 real legal opinions.
2007-11-04 15:09:13 · answer #3 · answered by Anonymous · 1⤊ 3⤋
Willing the house to them will probably save taxes overall.
2007-11-04 16:00:32 · answer #4 · answered by Judy 7 · 0⤊ 3⤋