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Real Estate Title change

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L

littled

Guest
What is the name of your state? Illinois

I want to remove my parents from the mortgage and title of my house and put my wife on both. I have been encouraged by my parents to do this. There is over $100,000 of equity in the house. The down payment and all mortgage payments have been made by me. Are there any tax implications in making the change, i.e. gift tax?
 


abezon

Senior Member
If you own the house as tenants in common and your parents will sign something saying they have very little equity in the house, you're OK. You can give your spouse as much as you want without triggering gift taxes (unless she's not a citizen).
 

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