Expert: Sue Bernstein - 2/25/2009

Question
Hello,

My wife has a house in Southern California that she’s been renting out for the past 10 years.  Her mother and deceased father names are on the title deed to the house.  Her mother wants to remove their names and put my wife’s name only on the deed.  1) What kind of fees are associated in doing so? 2) Are their any tax implications? 3) Can the mother give the house to my wife as a gift?

The home was purchased for $190k and is probably worth $400K right now.

Thanks,
Jeff

Answer
Jeff,

All tax questions have to be referred to an accountant or attorney as a real estate agent is not qualified to answer.  Your wife's mother can quit claim the house to your wife.  This can easily be done through an escrow company or attorney and you would have to check with them to find out what they would charge.  I am guessing an escrow company might be less expensive.

Hope this helps.

Sue Bernstein
www.SueBernstein.com