- quote -

She can transfer the title via a quit claim deed provided
your local recorder of deed will accept same.
-------------- I have heard of some who will not accept strange looking
quit claim deeds. Use a locally accecptable form!

There may be some transfer taxes and recording fees. Often
the transfer taxes are waived for intrafamily transfers.

There are no gift taxes due at your end.

The mortgage may be called when title transfers so be sure
you can arrange new financing. There is no legel need to pay
it first.

CAUTION, in some states a transfer is an excuse to reassess
the property higher--if you are in such a place you may want
to think thru NOT changing the deed!

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

amirshina[at]hotmail.com (a.s.) writes:

- quote -

Contact a lawyer who deals with real estate. (S)he will be
able to advise you of what paperwork and fees are involved.

- quote -

Assuming your sister is neither a citizen nor resident of
the US, there is no Federal tax reporting of this
transaction. Make sure that you get documentation of what
your sister paid for the property and any improvements, as
her basis becomes your basis.

- quote -

That depends on the terms of the note. The lawyer can
advise you.

Phil Marti
Topeka, KS

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"a.s." <amirshina[at]hotmail.com> wrote:

- quote -

Direct your questions to a real estate attorney. There is
no tax question here.

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Hello,

My sister owns a single family home in AZ (she is not a U.S.
resident).

My sister wants to give her property to me as a gift (I'm a
U.S. resident)

We want to know how we can transfer title between us? what
is the process?

What kind of taxes we will need to pay?

There is also a mortgage on the house. does we need to pay
off the mortgage first?

Thanks

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->