Can i put property in my 2 kids names and mine? they are both over 18 years old!?

Question

so that would be mom and 2 kids both over 18 years old! 3 people !

Answer 1

You can, but there are a lot of reasons why doing that might not be in your best interest, and sometimes not in their best interest.

Answer 2

This would constitute a gift of equity in your home to the children. In nearly all cases that would trigger the need to file a Gift Tax return since each share given would undoubtedly exceed the annual $12,000 Gift Tax exclusion per recipient. In most cases no tax would be due because of the $1,000,000 lifetime exclusion amount. Once the lifetime exclusion is used up, you would have to pay Gift Tax on the donated equity. The giver ALWAYS pays the Gift Tax.

I would make more sense to leave the home to your children in your will. That way they get the stepped up basis on the date of your death. (They'd only get your pass-through basis on a gift.)

Consult with a qualified estate planner before you do anything. A mistake could cost you dearly.