Will removing and adding parents' names on title trigger double gift tax?

Asked over 2 years ago - San Leandro, CA

My primary residence has my parents names on title but not on the mortgage deed. I would like to take their names off the title on my primary residence and add their names on an investment home that I recently purchased, which they would like to make their primary residence. Will this trigger double gift taxes? If so, is there a way to do a like kind exchange for them to "give up" their share of my primary residence in exchange for an equal share of my investment property?

Attorney answers (1)

  1. Joseph W Creed

    Contributor Level 3

    1

    Lawyer agrees

    Answered . There is a value to each transfer here. However, the gift tax would only be triggered for the difference between the value of the transfers you speak of if they were done together. But, you can utilize the unified credit if the value of the transfer in the end is above the annual exemption amount which would decrease the unified credit available to the estate of the party here who utilized it.

Related Topics

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There are several real estate documents that may be required when buying or selling property, including a purchase agreement, property disclosure and deed.

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A quitclaim deed is used to transfer ownership without a sale taking place or verifying ownership. It's often used to transfer property between family members.

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