house deed - Posted by dt

import · January 9, 2006, 11:04am

Posted by dt on January 09, 2006 at 16:24:42:

Thanks for the help. Do you know if her giving this part of the house to us will have any gift taxes on her end or me and my sisters.

import · January 9, 2006, 11:04am

Posted by dt on January 09, 2006 at 12:04:51:

After my father passed away my stepmother has 50% interest in the house and myself and sisters have the other 50%. The deed on the house reads this way.
My stepmother wants us to have her 50%. Can she just give her part to us and deed it over? If so, is their gift tax involved with this?Thanks
DT

import · January 11, 2006, 11:49am

Re: house deed - Posted by Natalie-VA

Posted by Natalie-VA on January 11, 2006 at 12:49:24:

Consider talking with a CPA. It might be more beneficial to inherit her share rather than have it gifted to you.

–Natalie

import · January 9, 2006, 1:43pm

Re: house deed - Posted by John Merchant

Posted by John Merchant on January 09, 2006 at 14:43:44:

Yes, she’d just sign and deliver a deed to you for her undivided interest in the property.

This is a very common deed, frequently used to clear up oversights, family agreements, etc.

Simplest way for it to be done is for you & her to prepare and sign a Letter of Instructions for an escrow company to then prepare the right deed form and have it completed by her.