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I live in Allegheny County, Pittsburgh, PA. My son purchased…

I live in Allegheny County...

I live in Allegheny County, Pittsburgh, PA. My son purchased a residence in Allegheny County. He wants to add his sister to the title. He is the sole owner. Do we need to hire a lawyer to handle this or can we do this ourselves?

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11/6/2013

Expert: P. Simmons, Attorney replied 9 years ago

P. Simmons, Attorney

Category: General

Satisfied Customers: 49,108

Experience: 45 years old, retired Marine Officer, current attorney

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Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

Can you tell me, did your son pay cash for this property? That is, does he hold clear title? Or is there a lien (like a mortgage) on the title?

Customer reply replied 9 years ago

My son paid cash and he has clear title.

Expert: P. Simmons, Attorney replied 9 years ago

Thanks

That makes it easy (it gets complex where there is a mortgage, since often mortgages will have clauses that limit how you can convey title)

Can you provide some context here? What is the goal? Is he selling her a portion of this home?

Or giving it to her?

Also, can you tell me value?

Customer reply replied 9 years ago

He's giving it to her. There is no consideration. The value of the house is approximately $85,000. She will be living there. My wife purchased the house for my son and she wants our daughter to be on the title as well.

Expert: P. Simmons, Attorney replied 9 years ago

Thanks

How about taxes. There will be a federal tax based on the gift...have they discussed this?

Customer reply replied 9 years ago

no. I didn't know that there would be a gift tax.

Expert: P. Simmons, Attorney replied 9 years ago

Under federal law, any gift in excess of $13K is taxable.

So if the home is worth $85K and he give her 1/2 then the total amount is $42.5K.

Subtract $13K and you have a gift of approx $30K.

This is taxed based on his income rate. As the donor he pays the tax.

Something to consider.

As for the transfer...one more question please...is the plan to make her a joint owner with "survivorship rights" (so whomever outlives the other keeps the whole home? Or to just get a 1/2 interest?

Customer reply replied 9 years ago

Unfortunately my son is unemployed and will have no income in 2013. The plan is joint owner with "survivorship Rights."

Expert: P. Simmons, Attorney replied 9 years ago

Thanks

The fact he has no income will keep his taxes low!

I recommend you use a lawyer...you are paying for the "peace of mind" that the transfer is done right and sometimes they can help you understand the process surrounding the transfer (eg tax laws)

And the fee will be nominal (typically $100 or so)

But if he wants to avoid that cost, he can transfer to her directly with a "quit claim deed"

NOLO will sell you a "kit" for $15 that will work...you sign it and have it recorded.

Here is the link
http://www.nolo.com/products/pennsylvania-quitclaim-deed-pr315.html

Let me know if you have more questions, happy to help if I can

P. Simmons, Attorney

Category: General

Satisfied Customers: 49,108

Experience: 45 years old, retired Marine Officer, current attorney

Verified

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