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Ronnie, Home Buyer in Bessemer, AL

Tax implications on transferring home ownership.

Asked by Ronnie, Bessemer, AL Thu Feb 7, 2013

What are the tax implications on transferring home ownership from my brother to myself on a house that has no mortgage and is currently appraised at around $150K. How will it affect my taxes as well as my brother's taxes, both property and income.

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3
Rodney Mason’s answer
For any tax advice, you would have to consult with a CPA, Tax Attorney, or Financial Advisor.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Thu Feb 7, 2013
Your accountant could best answer the questions you have for your individual situation.
0 votes Thank Flag Link Thu Feb 7, 2013
I recommend you contact a tax attorney.
0 votes Thank Flag Link Thu Feb 7, 2013
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