How can I put my daughter on the deed to my house with me?
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How can I put my daughter on the deed to my house with me?
I would like to put daughter on the deed to my house along with mine, so that when I pass she will not pay any income taxes. Is this possible? I also do not want to share the tax deductions, interest or property tax with her if she can be on the deed. House and mortgage is in my name only at this time.
Asked on September 12, 2011 under Real Estate Law, Delaware
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you want to place your daughter on legal title to the property that you have, one way of doing so in order to avoid any estate taxes at the present time is to do the following:
1. have the property appraised;
2. begin giving your daughter a fractionalized interest in the property by way of a gift deed in an amount equal to the maximum amount the Internal Revenue Service presently allows one to give tax free each year reserving a life estate in the property in yourself until the percentage of ownership that you have in the property declines to zero.
Before you engage in such a course, you may want to consult with an estate planning attorney about the best way to plan your estate in order to avoid estate taxes. Depending upon the amount of your estate, it may be below the unified credit for estate tax purposes. If so, you might consider letting your daughter inherit the property where upon your passing the property gets a stepped up basis.
Good luck.
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