Title transfer and taxes - Posted by Juan

import · October 17, 2007, 9:09pm

Posted by IV javier on December 05, 2007 at 15:58:11:

Hi,

There is a residential property of which 75% is owned by Ms. B and 25% is owned by her sibling who is Mr. C. A non-relative, Ms. A, is buying out Mr. C’s 25% ownership and by law, the title must remove Mr. C from the list of owners and be replaced by Ms. A.

What kind of taxes will have to be paid after this kind of transaction? Who gets taxed? Is it true that for Ms. B to avoid being taxed, her sibling’s (Mr. C) 25% share must be bought by their parents and later on just be transfered or sold to Ms. A?

I will appreciate if you can shed any light on this confusing tax issues. Thanks.

IV

import · October 17, 2007, 9:09pm

Title transfer and taxes - Posted by Juan

Posted by Juan on October 17, 2007 at 21:09:52:

Can a person be added to the title of a residential property that he/she recently sold to another person (providing that the person the property was sold to agrees)?

If so, would this person (who is requesting to be added to the title) be subject to capital gains tax? Furthermore, would the addition of this person back on the title negate the inital sale of the property?

Also, this is type of title transfer legal?