Home Selling in Los Angeles>Question Details

Mike Oey, Home Seller in Los Angeles, CA

I am currently trying to transfer my property to my partner.

Asked by Mike Oey, Los Angeles, CA Sat Jan 12, 2008

we are not married nor legally bound to anything. How do I transfer the mortgage (120,000) and title to him without any tax hit? The propertly currently appraised at the high 300,000.

Is that possible? Pls advise

Help the community by answering this question:

Answers

3
Ask your accountant about putting the Prop. in a trust. About adding your partner as joints with rights of survivalship, about a life grant deed to your partner. Let me know what worked for you when you get it done, I would love to learn something new. If you need a new Mortgage, call me, I have seen just about every loan scenario in the last 2 decades ! Norma 323 550 1200
0 votes Thank Flag Link Sun Jan 13, 2008
Mike, I too feel that the best person to answer your question would be a tax expert. Done wrong this could have grave tax consequences. You want to structure it properly for both of you. Good luck!
0 votes Thank Flag Link Sat Jan 12, 2008
Hello Mike. You really should consult with a tax adviser and/or attorney specializing in taxes and estate planning. It sounds like you are trying to give your partner a property worth nearly $400,000 in exchange for taking over a $120,000 loan. I am assuming that your partner has no current interest in the property already and is not a co-borrower on the loan. While you could theoretically sell the property to your partner for $120,000 and have him get a loan for the purchase price, I believe that at least one of the tax authorities might question the transfer for an amount that is so much below the actual market value. I believe the answer to your question may also depend on what your motivation is for wanting to transfer the property to your partner. You are prudent to think about the possible consequences of the transfer prior to taking action. Good luck to you.
Best regards,
Ute Ferdig
Web Reference: http://www.theMLShub.com
0 votes Thank Flag Link Sat Jan 12, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer