Legal Question in Real Estate Law in Pennsylvania
How to get husband
We live in Florida. My wife bought a modest residental property in Philadlephia, PA in her name alone. The value of the property is $40,000. We want to transfer title to this property to her son (by a former marriage) without incurring income taxes. We assume that first we need to have my name put on the deed to that property. Then we would like to give son fifty percent of that property this tax year and fifty percent next year. (That would be giving him approximately $20,000 this tax year -- 10,000 from each of us.) If what we propose is correct, should we get Quit Claim Deed Forms from this web site, have them completed and notarized here in Florida and have her son submit them to the Court House in Philadelphia?
2 Answers from Attorneys
Re: How to get husband
Would need to consult PA attorney as to form/requirements of Quit Claim. Let PA attorney know if underlying mortgage on property.
Ask your accountant or consult tax attorney asto other issues.
Good luck.
Re: How to get husband
It is not as simple as downloading a form and sending the deed to the recorders office. You have to send and calculate and show your exemption to the transfer. There are valuation forms you also have to fill out and make sure those get into the right hands. So if you have any questions, please contact me at 215-942-2100, I am a real estate attorney and can lead you through this process.
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