B
Blackadder
Guest
What is the name of your state? Florida.
A house is jointly owned by a mother and two daughters, each owning 1/3rd. All their names appear on the deed. However, the mother was the only one who actually invested funds to purchase the house. The two daughters would like to convey back to the mother their 1/3rd ownership in the house, so that the mother can sell the house without the daughters incurring any tax liability. My questions are these: 1) Can the daughters convey their interests back to the mother by notorized letter of intent to do so? 2) Must the deed now be changed to exclude the daughters? And if so, how is that done? 3) Does the yearly gift limit apply to this transfer between the daughters and the mother?
A house is jointly owned by a mother and two daughters, each owning 1/3rd. All their names appear on the deed. However, the mother was the only one who actually invested funds to purchase the house. The two daughters would like to convey back to the mother their 1/3rd ownership in the house, so that the mother can sell the house without the daughters incurring any tax liability. My questions are these: 1) Can the daughters convey their interests back to the mother by notorized letter of intent to do so? 2) Must the deed now be changed to exclude the daughters? And if so, how is that done? 3) Does the yearly gift limit apply to this transfer between the daughters and the mother?