I am from new York and my property is located in Queens new york. I would like to pay off my debt and transfer the deed to my mother's name. How long the whole process takes. Does it require transfer taxes since I am not selling other than transferring to mother.
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.
This communication is for general informational purposes only. My response to a post or message does not create an attorney-client relationship.
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.
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.
This e-mail may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail and delete this e-mail and all copies and attachments. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. IRS Circular 230 Notice: Unless specifically stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Unless specifically stated otherwise, this communication shall not be deemed to be legal or tax advice, and no attorney-client relationship shall be deemed to have been created.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline