remove joint tenants' name from title --tax issue

What is the name of your state? california

My parents bought a house years ago and later add me to the title as joint tenants, no we want to remove their name from the house title. Would appreciate these help.

1) Is this simple to do ? Can we just go to the county recording office and file some paperwork ? We do not want any real money transaction involved.

2) What type of deed need to be filed ?

3) Are there any taxes imposed on me or parents ? If so, what is the way to do to avoid any taxes ?

Thanks

[abezon]

1. Yes, it's easy. They just need to execut a quit claim deed giving their interest in the property to you.

3. Check with the county treasurer to see if there is an excise tax when property is transferred between family member/joint owners for no consideration.

They will probably need to file a gift tax return -- Form 706. The first $22,000 they give you is free. The rest of the gift still doesn't make them pay taxes, but it does use up their unified estate & gift tax credit. The value of the gift is 1/2 of the home's original purchase price.