QUESTION
How do I propery remove a name from a deed of a house and avoid auditing?
Asked on Oct 07th, 2015 on Residential Real Estate - California
More details to this question:
Both my Uncle and I are on a deed of a house which is completely paid off. I would like to remove my Uncle from the deed, but since has has been paying property tax on the the property he is afraid of future auditing. His accountant told him in order to avoid this the house needs to go on the market and be sold. Is this true? We just want to remove his name so he has nothing to do with the house anymore. Please advise.
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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If you are talking about an audit from the IRS, then that is unlikely to be triggered because your uncle relinquished title to a property.
However, there may be gift tax and/or income tax consquences to transferring your uncle's insterest to you. The property taxes also may go up from a reassessment of the property from the transfer.
Call or email an attorney to help you with this transaction.
Answered on Oct 10th, 2015 at 9:51 PM