I am buying a home for my son. With both our names on the title will he hv to pay higher taxes? If I quit claim deed to him wll he pay inheritance tax

Include any additional details about the question...
(0) | asked by: Ed Lewis | share | 34 months ago | Report

Answers

Viewing Answers 1 - 4 of 4
answer by Marita Topmiller   |   Visit My Website   |   Contact Me
In the past, my clients who have purchased homes with a child on the purchase and title, have been able to claim their property tax exemption. Is this your question? Please ask your tax advisor this question and others you have about this aquisition. A tax specialist is the only one who can properly answer these questions.
0
0
Answer Helpful?
34 months ago  |   Report   |   share
answer by Marita Topmiller   |   Visit My Website   |   Contact Me
Please ask your family tax advisor about this who specializes in keeping abreast of such matters. Thanks, Marita
0
0
Answer Helpful?
34 months ago  |   Report   |   share
answer by Bart Medlock   |   Visit My Website   |   Contact Me
Double check with auditior but if its his primary residence I believe he can file homestead exemption so long as he doesn't have homestead exemption filed on another property in Indiana. Regarding your other question, I recommend you consult a tax professional/CPA. Good luck!
0
0
Answer Helpful?
34 months ago  |   Report   |   share
answer by Sandra Richard   |   Visit My Website   |   Contact Me
Will both your names be on the mortgage? Not sure what you mean by him paying higher taxes, what kind of taxes? If he is the sole owner on the deed, and you pass, he should not have to pay estate tax. I would suggest you consult an attorney who versed in estate law.
0
0
Answer Helpful?
34 months ago  |   Report   |   share
Please read Homes.com's Questions & Answers Community Guidelines.