Can I legally givemy house to my son?
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Can I legally givemy house to my son?
My wifeand I own our house. I want my son to own the home now so he is sole owner. There is no mortgage (paid in full).
Asked on December 9, 2011 under Real Estate Law, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You and your wife can legally deed your home to your son. However, there are certain tax considerations to consider. Each person in this country can give up to $13,000 per year to a person per year without having to pay a gift tax under Internal Revenue Service requirement. You and your wife can give up th $26,000 per year to your son tax free.
In your situation, parents deed fractionalized interests in real property to their children per year per IRS guidelines. In your situation, I would have the property appraised as soon as possible and you and your wife deed each a percentage of the property equal to $26,000 per year to your son reserving a life estate in the property if you want to continue living in it and do so each year as your percentage of ownership declines and your son's increases.
I suggest that you consult further with a real estate attorney about your situation.
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