Is there a transfer tax for transfer of title to family or to add name to deed?

Asked by Tarica, Austin, TX Fri May 18, 2012

My parents want to buy a summer home in Texas and either put it in my name or co-own with me. I already own a primary residence. What are the tax implications of this, both transfer tax and income tax should I decide to move in and rent out my existing home instead?

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s, Renter, Austin, TX
Fri May 18, 2012
Hi Tarica,

There is no transfer tax, but you will have an attorney fee for a new warranty deed and the recording fees if they deed a portion of the property to you after closing.

If they purchase and want you as a borrower, that will be a discussion that you will need to have with the lender.

As for the income tax implications, you should consult with your CPA.

What area are they looking to buy in? I do have a great lender that I can refer you to so you can start running purchase scenarios.

Please call or email me.

Sarabeth Peterson
Goldwasser Real Estate
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Dallas Texas, Agent, Dallas, TN
Fri May 18, 2012
Best to confer to a title company they would be experts with these answers

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor

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