Adding a child to parents house deed
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Adding a child to parents house deed
Hello! My name is Dolan and thank you so much for contacting me! I just had a few quick questions for you: What state is it that you are looking to do this in?
We are located in California
Ok got it. You're going to need a quitclaim deed in this case. Quitclaim deeds are usually used in family situations where one party releases some or all rights to the property, but people can also do it between non-family members as well. The thing with quitclaim deeds are that there are no warranties on the property so if there are any lien or encumbrances, the new owner(s) won’t have any recourse. To get a quitclaim deed, you can click this link - https://saclaw.org/wp-content/uploads/2015/03/form-quitclaim-deed.pdf Make sure you have the assessor's parcel number (APN) on the form as well so the recorder’s office can know what property this is. Also, you can find the APN on your property tax bill. When it comes to taxes, some transactions are exempt from taxes. Transfers between spouses are exempt. (26 US Code Section 1041.); but transfers between parents and children, grandparent to grandchildren, or as gifts are usually taxed as a gift to the person giving the gift.
Since I am just being added to the deed with my mother, would I still be taxed since my mother would remain on the deed with me? Is there another document needed to make sure that her 50% share would be left to me when she passes?
The quitclaim deed link you sent over releases the property to new owners. Do I still use this document or is there another that is just for adding a person to the deed? Thanks for your help.
Good question! 1. So the IRS won't tax you; 2. The county usually has a small transfer tax that's like $35-$50. 3 .You would definitely use this document if you're adding someone to the deed; 4. If you follow those steps from the Sacramento Law Library, it'll help you make sure you're good to go there.
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