Posted by John K. Haslach, CPA, MST on July 16, 2005 at 09:53:24:
Sounds like you may have a gift tax issue.
Transfer home ownership - Posted by Mikey
Posted by Mikey on July 14, 2005 at 19:33:38:
Hi all,
HAve a question, My parents have a house in their name w/ a mortgage in their name as well. The house is under my care, I pay the mortgage and all related costs. I wanted to put it under my name, to be able to use it for deductions at the end of the year.
Is there a simple way to do this? OR would I have to get it refinanced with my name on it in order to claim deductions?
Thanks,
Mikey
Re: Transfer home ownership - Posted by John Merchant
Posted by John Merchant on September 06, 2005 at 09:58:46:
Only way, unless you wait until they die and you get the house through probate, is to get a deed from them to you…then get that deed recorded.
I’d strongly suggest you do NOT delay doing this.
Probate is certainly not a good option as it’s a lengthy and costly proposition and who knows what complications might arise between now and then.
Re: Transfer home ownership - Posted by B.P
Posted by B.P on September 06, 2005 at 08:22:37:
I am seeking to have property transferred out of my name. what will be the bset method of doing so.