Transferring property into my name

[mmoses]

You need to fight the county appraisal. And get the property under an ag exemption

If you are trying to do all this in order to sell it. It might be a title tranfer nightmare. But get a lawyer.

[mmoses]

Seriously! If you internet lawyers (not the real ones) don't shape up and get your stuff straight I'm gonna stop coming to the green screen for my legal advise. Consulting an attorney to have this done legally will be cheaper and far less painful than consulting a criminal defense attorney.

Defense lawyers need work too! Lol

[DosToros]

They can give a little of it to you every year if you want to avoid taxes all together.

[Stan R]

I am surprized u are on the note but not in title




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[8mpg]

I am surprized u are on the note but not in title




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Im on as a cosigner... not the primary.

We talked to a friend of ours that works for some property investors and has been doing property stuff for 25 years and she said we should just need to file a special warranty deed. Said its a simple one page document you file and its done. I got the number to a local real estate lawyer Im hoping to call to verify.

[Grayson]

Im on as a cosigner... not the primary.

We talked to a friend of ours that works for some property investors and has been doing property stuff for 25 years and she said we should just need to file a special warranty deed. Said its a simple one page document you file and its done. I got the number to a local real estate lawyer Im hoping to call to verify.

Are you planning to relieve your parents of their obligations on the note? Did your friend have all the facts?

[BTLowry]

I would be checking into ag valuation or selling it for $450K to someone

[BrianL]

You need to either go thru bank that has currant loan and have them do paperwork, or refinance loan in just your name. Nothing you can do without bank ok with current setup.

[MikeyG]

obviously getting an qualified attorney involved is the best course of action.

My inclination is the attorney will outline the following two options:

1. (this one is a little risky and I'll explain why in a second). Keep the property in their name. Draw up a will naming you as a beneficiary. They pass, it goes to you and you receive a tax free step up in basis as of the date of their death....that means if you sell it, the cost basis of the property is much higher thus minimizing your taxable gains. The problem is that they are on the hook to pay the annual taxes....if you cover that for them, I don't think you'll get any deduction for that (depending on how much support you provide to them)....that's a cpa question. Another issue with this is that heaven forbid things go south with you and your folks, they own the property and can cut you out. Even worse, someone opposing you convinces them to sell and take the cash...not saying this is even remotely possible, but in life, we can all agree "you just never know what can happen"....just saying.

2. Have them gift the property to you. Their cost basis carries over to you as well as the holding period (for favorable long term cap gains rates). I believe your principle and interest payments can be added to the gifted basis, but this is where a attorney/cpa will earn their fee. As long as you're certain their estate will never exceed 5.43mil (as of now), then you should be cool. They will still have to file a gift tax return documenting the gift, but I don't think gift taxes will be owed since the gift is under the excludable limit.

See an attorney for the final word, but Im pretty sure my info above is in the ball park if there's not an easy way to mend this transaction that I'm not aware of.

Good luck Sir! Id love to hear how it turns out.