Added to Deed

[Dave L]

What is the name of your state? Massachusetts.

My mother is thinking of adding mine and my sisters name to her property deed. Will we be subject to an income or gains tax?

[LdiJ]

Originally Posted by Dave L

What is the name of your state? Massachusetts.

My mother is thinking of adding mine and my sisters name to her property deed. Will we be subject to an income or gains tax?

Income tax - no
Gains - if the property is sold afterwards, yes.

Your mother will need to file a gift tax return. Because she is gifting you and your sister a share of the property. However, unless the value of the gift is more than 1.5 million total, then there would be no actual gift tax.