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Transferring title of home

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T

teekee_13

Guest
I live in California, my parents would like to transer the title of their home to me. I was wondering what the tax implications were and what legal documents were necessary to complete this transaction. Also, are their any pros and/or cons to transferring the title as opposed to inheriting it.

The value of the house is approx. $500K. It was purchased by my parents in 1980 for $120K. We all reside in the house. I am over 21 and am employed.

Thanks!
 



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