Property transfer using quit claim deed

[rsemak]

What is the name of your state? Michigan

I want to transfer a property from a friend of the family into my name. There is no lien on the property and my friend's name is on the deed. I want to transfer the property into my name and not pay any money. Is a quit claim deed the best way to go? I'm worried about paying capital gains when I go to sell the house. But I heard if I live there for 2 years and then sell I no longer pay any capital gains. Basically, I want to put the property in my name, not pay any money, and be able to sell it, and not pay any taxes or capital gains. What's the best way to do that?

 

[seniorjudge]

What is the name of your state? Michigan

I want to transfer a property from a friend of the family into my name. There is no lien on the property and my friend's name is on the deed. I want to transfer the property into my name and not pay any money. Is a quit claim deed the best way to go? I'm worried about paying capital gains when I go to sell the house. But I heard if I live there for 2 years and then sell I no longer pay any capital gains. Basically, I want to put the property in my name, not pay any money, and be able to sell it, and not pay any taxes or capital gains. What's the best way to do that?

Go to a good real estate attorney who also practices tax law; this is not a DIY....

 

[HomeGuru]

What is the name of your state? Michigan

I want to transfer a property from a friend of the family into my name. There is no lien on the property and my friend's name is on the deed. I want to transfer the property into my name and not pay any money. Is a quit claim deed the best way to go? I'm worried about paying capital gains when I go to sell the house. But I heard if I live there for 2 years and then sell I no longer pay any capital gains. Basically, I want to put the property in my name, not pay any money, and be able to sell it, and not pay any taxes or capital gains. What's the best way to do that?

**A: Geez, that's interesting. I wanted to do the same thing too.

 

[seniorjudge]

**A: Geez, that's interesting. I wanted to do the same thing too.

Well...no magic bullets here...dang!

 

[HomeGuru]

Sometimes we need magic on this website.
Yes, make some posters disappear.