U
urgent999
Guest
What is the name of your state? CA
I have a case like this, please advise.
My parents bought a house years ago by themselvs 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 names totally from the title and make me 100% sole owner of the house. We do not want any real money transfer involved.
Question:
1) Can we just do a simple Grant Deed ( or what kind of deed form to file ? ) and do change ownership of property to remove their names ?
2) Is this considered a sale ? Can I treat it a gift and used it against the one million dollar gift credit during their lifetime ?
2) Are they or myself subject to or need to pay any gift taxes ?
Thanks
Xli
I have a case like this, please advise.
My parents bought a house years ago by themselvs 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 names totally from the title and make me 100% sole owner of the house. We do not want any real money transfer involved.
Question:
1) Can we just do a simple Grant Deed ( or what kind of deed form to file ? ) and do change ownership of property to remove their names ?
2) Is this considered a sale ? Can I treat it a gift and used it against the one million dollar gift credit during their lifetime ?
2) Are they or myself subject to or need to pay any gift taxes ?
Thanks
Xli