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| *The Commerce Journal>>>Other Taxes |
Adding my name to the deed to my parents house.? |
My parents and I want to add my name to the deed to the house they own. I live in it and want to homestead to cut the property taxes. Do I have to go through an attorney to do this? You can do it yourself using a Quit Claim Deed and file it at the county. However, it is very cost effective to use a title agent or RE attorney. If you live in the home, and you are being added to the deed - do your parents live there too? If they do not speak with your CPA or the same RE attorney you may NOT be qualified to claim the homestead exemption on that property. Your parents MAY have already claimed the homestead on the property THEY are living in. Hope this helps Source(s): 5 years mortgage banker 15 years financial controller It's best to but, you can go to your nearest office supply store and purchase a form where by you just fill out the info, have it notarized and take it to your county records department. Only if you don't want any mistakes. There are Federal and State tax issues involved here and that is what attorneys get paid to understand. Hire one. It won't be anywhere near the cost of one, little oversight. You can do it yourself, however, I would hire one if I were you. Also, not knowing how old your parents are, you need to consult a estate planner to make sure you are not making mistake. Sometimes, paying a little real estate tax is better than paying huge estate tax. personal knowledge Consult with a real estate attorney and your tax adviser first! There are Gift Tax implications here as well as potential Estate Tax issues and even Capital Gains Tax issues when you sell after they pass. You all could be making an extremely costly error if you don't do this correctly! As far as a homestead is concerned, this isn't going to save you anything. If it's already your parent's homestead you can't claim it as yours in most cases. If there is a mortgage on the property, adding you to the deed could possibly trigger any Due on Sale clause in the mortgage. This would be a change of ownership and in some states will trigger a re-valuation of the property for real estate tax purposes. In CA, the tax bill could rise massively if your parents have owned the property for several decades and the Prop 13 caps come off. |
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