my dad give me a house and i want to know if i need somebody to do paper work for me or i can do it myself. Thanks

dealkk said:my dad give me a house and i want to know if i need somebody to do paper work for me or i can do it myself. ThanksU seim liek u rite go0d.

d0 !t yerself.

Ok it sounds like what you are asking is
"My Dad wants to give me a house I'm wondering what paperwork needs to be done?"
Well you need at the very least a real estate lawyer and a title company in order to transfer the title into your name. Also the tax implications will be there since the house is likely valued at too much for a gift. If dad has passed then even more ensues. Basically get a great real estate lawyer and be prepared to pay taxes on the income you are being given on the house value (think 25% of the house value)You need to leaglly transfer the place and also avoid the max legal amount of tax.

dealkk said:my dad give me a house and i want to know if i need somebody to do paper work for me or i can do it myself. Thanks

Did your dad gave you this house:

Coventry Cottage

1. Learn english
2. Do paperwork
3. Profit!

afeld said:Firedrake said: 1. Learn english
2. Do paperwork
3. Profit!

Hey, all three steps! I'm writing this down, usually I have to fill in the "???" gap and end up using hookers, but never get to the last step for some reason...!
1. Learn english
2. Hookers
3. Profit!

Step 1 must be tough, pimpin aint easy after all.

dealkk said:my dad give me a house and i want to know if i need somebody to do paper work for me or i can do it myself. Thanks
Just ask your dad to take care of it for you.

if anyone is seriously knowledgeable on the topic, I have always wondered what the best way to plan a transfer/inheritance (regarding a home) from a parent to child to maximize financial wealth:

1) If you hold in joint tenancy, can you use a stepped up cost basis on the home upon the death of one joint owner (in this hypothetical the parent)? hoping this would avoid probate

1.5) If not, how do you plan so that one will receive the stepped up cost basis upon death?

2) Does a stepped up cost basis result in a reassessment for property tax values (which offsets part of the benefit of stepped up basis)?

3) Does the $250k/$500k cap gains exclusion apply when sold from a parent to a child?

gizmoduck said:Still going at it eh?

archived thread

Busted!