Property Transfers and Property Taxes

October 9, 2015 44 No Comments

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Today’s viewer question is from a parent looking to add her daughter’s name to her house title and deed. She’s wondering how this type of property transfer could affect her property taxes.

While the answer depends a lot on the specific laws in her jurisdiction, I lay out the general concerns she should address before transferring part-ownership of her home to her daughter. Property taxes are only one tax consideration. She’ll also need to think about her daughter’s tax situation, particularly the capital gains taxes that she could face. Check out this Real Estate Minute for my advice on how to weigh those expenses against the benefits of making a property transfer to a child. Keep in mind that you should always talk to an estate planner or attorney before making major gifts to family members.

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