Transfer of home ownership to an adult child. - Posted by Robert Taylor

Real Estate Investing Real Estate Law
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Posted by River City on November 18, 2004 at 06:15:25:

Robert, you should consult a mortgage company regarding what to do to remove you from the mortgage Note. You could probably do a sale to your son and his wife. I am not a CPA and do not profess to have any knowledge regarding taxes, but it seems to me that since this is rental property, you would pay taxes on the capital gains. Call H&R Block and ask them. Or, better yet, go to the IRS online and send them an email with this question. I find that they are very responsive to questions, as I have used their email many times in the past. If you send them an email be sure to include your email address. This is the URL to go to for the IRS:

Good luck.

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Transfer of home ownership to an adult child. - Posted by Robert Taylor

Posted by Robert Taylor on November 02, 2004 at 11:40:55:

I own a home in Vista, CA and my son and his family live in it. His name is on the loan(Ditech) and I beleive he is also on the deed. He has been paying the mortgage payment for the last 10 months. I want to see how to have the house and the mortgage put in his name( and basically give him the house). Is this possible and what tax liability would there be.? Please assist me with this if you can. I can supply you with any other info you might need. Thank You, Robert Taylor