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    sissys's Avatar
    sissys Posts: 1, Reputation: 1
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    #1

    Dec 2, 2007, 09:26 PM
    Adding a relative to property deeds.
    My nana has my 3 sisters and herself on her house deeds and wants her other 3 grantchildren listed on it as well , only to be told we cannot change the deeds at all . Is there only a certain number of people allowed on property deeds? Isn't nana able to add 3 more people to her deeds?
    Thank you
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Dec 3, 2007, 10:10 AM
    Who said no more names can be added?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Dec 3, 2007, 11:19 AM
    Unless nana's estate is large, I would forget about adding names to the deed. Instead she should make out a willing specifying what share each one gets. If she adds people to the deed, then their cost basis is the value at the time of the deeding. So when they sell the property they have to pay taxes on the profit. Plus there may be some gift tax issues.

    However, if she leaves the property to them in a will, unless the totatl estate is more than 2 Mil, there will be no fed tax and the tax basis will be the value at the time of death. So any profit will be minimal, which means little in taxes. If the estate is simple, then probate may be unnecessary.
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