I want to give my house to my son. I understand the tax issues, but is all I have to do is transfer the title?
March 2, 2009
russtom asked:
I’ve read and understand the gift and estate tax issues, I’m just trying to figure out who I have to contact – or is it as simple as transferring a car title?
I’ve read and understand the gift and estate tax issues, I’m just trying to figure out who I have to contact – or is it as simple as transferring a car title?
3 Responses to “I want to give my house to my son. I understand the tax issues, but is all I have to do is transfer the title?”
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March 4th, 2009 at 11:22 am
what u can do is put your son on the house title as the truster type thing so if something happens to u he can still get the place and pay the same taxes u r now basically with the normal yearly increase
contact the place where u pay your taxes to they should have a web site adn phone number listed on your tax papers and they will be able to give u the information
March 5th, 2009 at 2:31 pm
If you want to give him the house outright, without retaining any ownership, then you prepare a deed from yourself as seller, to your son as buyer. You put in $1.00 as the consideration to be paid. Then have the deed recorded in the county clerk or county recorder’s office.
If you want to retain some ownership of the house (share it with your son) then you prepare a deed from yourself, as seller, to yourself and your son as buyers. If you want the entire ownership of the house to go to your son when you die then you put yourself and your son as buyers “as joint tenants with right of survivorship”. If you want your share of the house to remain in your estate when you die so that is shared by your other heirs then you put yourself and your son as buyers “as tenants in common”. Then have the deed recorded in the county clerk or county recorder’s office.
It really would be a good idea to have a real estate attorney prepare the deed and have it recorded for you. This way you can be sure that your intentions are carried out correctly. An attorney should not charge more than $100-$200 to handle it for you.
March 8th, 2009 at 6:56 pm
It can be as easy as going to a title company for a form deed and having them notarize and file the deed for you. Or easier yet, go to the recorder of deeds in your county and ask them for the form and just fill it out. Typically the deed in a gift situation will be a quitclaim, not a warranty deed.