remove joint tenants' name from title --tax issue

What is the name of your state? CA

I have a case like this, please advise.

My parents bought a house years ago and later on add my name to the title as joint tenants in common ( 50% of their share in the property was given to me as gift ), now, I wish to remove their name totally from the title and make me 100% sole owner of hte house. We do not want any real money transfer involved.
Question:

1) Can we just do a simple Grant Deed and do change ownership of property to remove their names ?

2) Is this considered a sale ? Can I maek it a gift and used it against the one million dollar gift credit during their lifetime ?

2) Are they or myself subject to any gift taxes ?
Thanks
Xli

[HomeGuru]

[quote]Originally posted by urgent999
[b]What is the name of your state? CA

I have a case like this, please advise.

My parents bought a house years ago and later on add my name to the title as joint tenants in common ( 50% of their share in the property was given to me as gift ), now, I wish to remove their name totally from the title and make me 100% sole owner of hte house. We do not want any real money transfer involved.
Question:

1) Can we just do a simple Grant Deed and do change ownership of property to remove their names ?

2) Is this considered a sale ? Can I maek it a gift and used it against the one million dollar gift credit during their lifetime ?

2) Are they or myself subject to any gift taxes ?
Thanks
Xli

**A: they just need to quit claim their interest in the property to you. There should not be any tax consequences but post on the Tax Law board to make sure.