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    tj041099's Avatar
    tj041099 Posts: 4, Reputation: 1
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    #1

    Jan 4, 2008, 12:50 PM
    Deed and transfer tax
    My parents want to add me and my brother to their deed. We are planing to go to the title company to do this. But do we need to worry about transfer tax or any other charges?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 4, 2008, 12:58 PM
    If your locality requires a tax when ownership transfers, then yes. But the Title company should handle that. Another thing to consider is gift tax liability. If your parents are giving you a share in the family home, that is giving you a gift. Since there is a limit on how much one can gift to another without tax consequences you need to take into consideration the value of the house.
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