Transferring Primary Residence to Corporation

Question

1929 viewsJuly 7, 2020Accounting

0

Anonymous Posted July 6, 2020

Hi,

currently have a condo which is my primary residence. I would like to gift/transfer the condo to a family member. what would be the best way? i will continue to assist with the mortgage payments but would like to transfer it out of my name so i can buy my own primary residence.

Thank you.

1 Answer

score 0 · Answer 1 · 2020-07-07T19:46:37+00:00

Prepare a gift letter and transfer title of the property for $0. A lawyer can assist with this. The deemed sales price for tax purposes is equal to the fair market value of the property on the date of the gift. A certified appraiser can determine the fair market value. Since the property is your primary residence, you will not pay capital gains tax on the gift / transfer. You must get your bank’s approval first, before making the transfer.

Transferring Primary Residence to Corporation

1 Answer

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