Real Estate Deeds Made Easy Since 1997
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS?
An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
Continue reading “Added to a Deed: What Are the Tax Consequences?”
Transferring the deed to your home is a simple matter. Generally, you just have to find the current deed to your home, then get the right deed form to write up your new deed to convey to another party, and take the document to a notary. Then your signature can be notarized and the deed can be filed.
But it’s best not to rush in. Some homeowners later regret signing over their deeds.
Let’s look at reasons not to transfer deeds too quickly — and how best to proceed when you do.
Continue reading “Warning: When Not to Sign Over Your Deed”
Compare the Alternatives
Thinking of putting your child’s name on your house deed? If that’s the person who will get the home after you pass in any case, it might seem sensible. And maybe it is, in certain circumstances. After all, probate can be time-consuming, and even contentious.
But before making this decision, do you know that your child is ready and willing to own a house? And at that point, have you consulted with an attorney and tax specialist about doing things this way? Here are some key issues to spot before obtaining professional guidance.
Continue reading “Should Your Child’s Name Be on Your House Deed?”
Quitclaims are sometimes used to transfer property interests from one family member to another, or between divorcing spouses. Parents might wonder if they should use quitclaims to pass property to children to avoid the probate process. It’s easy enough to do. The homeowner signs the document with a notary, takes it to the county recorder of deeds, and has it recorded. Simple. No wonder adding someone to a deed or relinquishing rights through a quitclaim is often (mistakenly) called a “quick claim” deed. But what does the Internal Revenue Service think?
Continue reading “Is a Quitclaim Deed Subject to Tax?”