Ask Experts Questions for FREE Help !
Ask
    MJfromMD's Avatar
    MJfromMD Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 15, 2012, 01:31 PM
    Quit claim in Maryland
    I want to add my name to my mom's property deed. I am in line for the inheritance of it already but don't want the state to cash in for their usual lions share, should she die. There is no mortgage - title is free/clear.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 15, 2012, 01:46 PM
    What makes you think the state will cash in? There is no tax on property left to a child. Maryland Estate Taxes - Inheritance tax

    In fact, it might cost more, because if you were to add your name to the deed, that constitutes a sale. For mom to sell the property to you, you would have to buy your share at fair market value. Now mom could take a mortgage from you for your share and then forgive a portion of the mortgage each year.

    I strongly suggest you contact an tax specialist and real estate attorney for the real ramifications of this.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Quit Claim Question - Husband quit claiming to wife? (no divorce) [ 2 Answers ]

Hi, I'm in the process of finding out how to proceed with a quit claim on a piece of residential property that I purchased in my name only, but after I married my husband. We live in GA (and in the house in question). My understanding is that since I purchased the house after we married, and...

Quit Claim [ 3 Answers ]

Hello Recently I received a letter from a Lawyer who originally had me and the co-owner sign a contract regarding the mutual property. I no longer live there and co-owner refuses to sell and can't refinance. In the letter this lawyer presents to discuss that he was hired by the other co-owner...

Quit Claim or Quick Claim [ 4 Answers ]

What is the difference between a Quit Claim and a Quick Claim? Also, the last year of my mothers life she was very ill and lived with me, she signed her house over to me . Now I am going to sell it, do I have to pay taxes on the money I receive? I have heard if you are over a certain age you do not...

View more questions Search