Real-estate property deed transfer to mother's name help
3 attorney answers
It is a simple matter to transfer the property to your mother. You can have a new deed and transfer documents prepared and you can record them at the Queens County Clerk. This can be done very quickly (as little as a day) and you would not have to pay any transfer tax if you transfer the property to your mother as a gift, however, doing so can trigger tax issues as you may have to pay gift taxes. It can also create a capital gains tax issues for your mother as she would pick up the house at your basis for tax purposes. I suggest you consult with an attorney or your CPA before you do this.
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The matter can be done relatively fast. It could be accomplished in hours if necessary and appropriate. You would not pay deed stamps.
You should consult with a local lawyer to discuss what it is you would like to accomplish by the transfer. There may be reasons that you do not want to do this.
You should really consult with a lawyer before you do this.
To answer your question, no. you would not have to pay transfer taxes on a true gift of real property.
But there are other collateral tax consequences to consider. You may have to file a gift tax return. And the cost basis of the property needs to be examined as well.
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