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Question:

Transfer of Real Estate from Parents?

Our house is currently under the co-ownership of my parents, and my brother. The mortgage has completely been paid off. We are now are considering these two options: 1) Changing the ownership to my brother only. 2) Changing the ownership to both my brother and me.Questions:1. What are the consequences of choosing each option? Such as tax consequence.2. What would be the best solution to avoid tax payment?3. If I am added as the owner of this house, will it affect me in future real estate purchases?4. If owned by one person, will the wife (non-owner) get part of the house?Thanks.

Answer:

Your mum and dad might desire to pay the present tax, it extremely is a great tax, so as that they're going to choose a great chuck of money to try this. you do no longer pay any taxes till you sell, it extremely is finished capital effective factors on each and every dime. no person might pay earnings taxes.

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