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    pandalover's Avatar
    pandalover Posts: 2, Reputation: 1
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    #1

    Nov 18, 2010, 10:23 AM
    Title transfers... how does this work my son is buying my half of the house.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Nov 18, 2010, 11:05 AM
    Are you and your son going to be the owners? If so then you prepare a deed transferring the house from you, as seller, to yourself and your son, as buyers.

    I suggest that you have this handled by an attorney or title insurance agency. It shouldn't be expensive and you'll know that it was done properly. If you do it and make a mistake it can be expensive to fix.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #3

    Nov 18, 2010, 01:15 PM
    Not sure what your question is? Ask your city/town hall where deeds are kept. I bought part of my parent's house and had no problem. It proceeded as any real estate purchase would, with various fees and taxes. I paid cash. If you are doing an in-family loan, be sure to meet IRS rules. There's a minimum interest that must be charged that varies monthly and is different for under 9 years and over 9. It's called Applicable Federal Rate (see IRS.gov). Of course each parent can also gift a yearly amount, I think currently 13K, without paying gift taxes. I haven't rechecked how current this is because I don't know if it applies to you.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Nov 18, 2010, 02:18 PM
    Quote Originally Posted by joypulv View Post
    ... Of course each parent can also gift a yearly amount, I think currently 13K, without paying gift taxes. I haven't rechecked how current this is because I don't know if it applies to you.
    Right. $13,000 per person per year
    Gift tax in the United States - Wikipedia, the free encyclopedia
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