Legal Question in Real Estate Law in New York

Transferring House Ownership from Parent to Child

My parents live in England and bought a house cash in New York state. They allow me and my wife to live ther rent free. They want to give us the house. What options do we have to accomplish this with the least amount of money out of pocket? We are aware that gifts exceeding $10,000 are subjected to a gift tax. Does this effect our situtation and if so is there a way to avoid it?

Thanks in advance for any information concerning this matter.


Asked on 4/01/06, 3:57 pm

1 Answer from Attorneys
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Transferring House Ownership from Parent to Child

You should consult with a CPA ie., an Accountant concerning any income and tax matter ramifications of any prospective "gift" or transfer of property, from anyone, including your parents, to you.

Good luck.

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Answered on 4/01/06, 4:32 pm


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