What are the tax liabilities of transfering the house title? Posted on October 05, 2010
Me and my siblings names were added to the title of our Moms house after our Dad died. We assumed she would die before the house was sold. But now, she wants to sell the house because she is too old to live there by herself anymore. Are there any tax repercussions for her or for us if we deed the house back to her in the same way we were added to it? I would like her name to be the sole name on the deed because then she will receive all the profits from the sale and have no capital gains tax. But I am not sure if doing this would cause other issues.
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