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Adding Someone To A Real Estate Title - Tax Implications

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jnindel

Junior Member
What is the name of your state (only U.S. law)? Virginia

I own a condo. Can I add someone (a relative) to the deed/title so that he/she inherits the property from me? If so, what are the tax implications? Is his/her share of the property considered a gift from me? Would I pay a gift tax? Would he/she? If so, when would it be paid? Or, would the person simply inherit the property from me? Thanks.
 


LdiJ

Senior Member
What is the name of your state (only U.S. law)? Virginia

I own a condo. Can I add someone (a relative) to the deed/title so that he/she inherits the property from me? If so, what are the tax implications? Is his/her share of the property considered a gift from me? Would I pay a gift tax? Would he/she? If so, when would it be paid? Or, would the person simply inherit the property from me? Thanks.
Yes, there are tax implications and gift tax implications. Why not write a will and leave the condo to the person in your will? That eliminates a lot of potential issues.

Yes, that does mean that the will will have to be probated, but that's often wiser than the potential implications.
 

tranquility

Senior Member
I suggested to the OP in the other thread an enhanced life estate deed (aka ladybird deed) might fit the bill without tax issues.
 

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