Transfer of Property

[cfrausto]

My mother owns a condo in California, she would like to transfer ownership to one of her children who live in California, Arizona and Washington, DC. What is the most cost effective means possible (eg gift, sale for nominal amount, taxation issues)? Also, what type of paperwork is needed to complete the transaction?

 

[HomeGuru]

My mother owns a condo in California, she would like to transfer ownership to one of her children who live in California, Arizona and Washington, DC. What is the most cost effective means possible (eg gift, sale for nominal amount, taxation issues)? Also, what type of paperwork is needed to complete the transaction?

**A: does one of her children live in all three states? Consult an estate attorney.

 

[cfrausto]

Sorry for the confusion. She has three children, one lives in California, one lives in Arizona and one lives in Washington, DC. I am not sure if any of these states have specific tax laws that would be more favorable for this type of transaction. I would appreciate advice on this subject.

thanks!

 

[HomeGuru]

Sorry for the confusion. She has three children, one lives in California, one lives in Arizona and one lives in Washington, DC. I am not sure if any of these states have specific tax laws that would be more favorable for this type of transaction. I would appreciate advice on this subject.

thanks!

**A: oh, you have tax questions. In that case, please post on the Tax Law board.

 

[cfrausto]

My question is how to transfer property from parent to child. Should it be a gift, if so what are the ramifications? Should there be a sale of the property for a nominal amount, etc? From this flows the fact that there may be tax implications. I'm not sure where to start.

 

[HomeGuru]

I told you were to start.
Hint: Tax Law board on the freeadvice.com website.