What is the name of your state? Delaware
We have owned a vacation home for about 5 years. We would now like to complete an inter-family transfer of the property to my parents. The consideration we will receive from them is the payoff of the current mortgage on the home. We contacted a real estate attorney to handle the transfer; she advised that a deed transfer between family members is a fairly simple process. She did, however suggest that we obtain more information with regard to any tax consequences to us or my parents. As the mortgage balance to be paid off is substantially less than the value of the property, and there will not be another mortgage on the property (my parents will own the home free and clear), what if any taxes will this transfer create?
Thanks in advance for your information,