Addition of Owner to House Deed

[judyk831]

I am currently living with my parents in Los Angeles, CA and my parents would like to officially add my name to the Deed of the house so that I can receive homeowner tax breaks on my single salary income. I currently give them monthly rent but do not own any property. I was told that I need to fill out a new Grant Deed or QuitClaim deed, preliminary change of ownership report and documentary transfer taxes. Since my parents will still remain owners and I will just be an addition, how do they go about adding my name without any real tax implications? Do they have to give part of the house as a percentage to me as a gift? Or can we just be 3 equal owners of the house? If they give ownership as a gift, what tax implications are there for me and/or my parents? When they want to sell the house in the future and I do not live in the house anymore, how does this affect my taxes?

 

[anteater]

Quadruple post.

 

[VeronicaLodge]

GD it! when will i get to the original post, one with responses! this is frustrating

 

[HomeGuru]

GD it! when will i get to the original post, one with responses! this is frustrating

**A: yes it is.