How do i transfer my propertyshouse title to my parents both over 55 and what is the tax implication?

Cordia
I am thinking about transferring the title on the house to my parents, since they were the one actually bought it and somehow there was a mix-up in my last refinancing, and my name ended up on the deed. Now I am ready to correct it. I don't know how exactly I should go about doing it, and how that will impact the property tax, or the income tax on me and my parents. My parents and I all lived in this house for more than 5 years and I have just recently moved out to my own place. Your help would be greatly appreciated! Thanks!

Lloyd
You would need to contact a title office and do what is called a dollar deed. You can't just give a property to anyone for free so you have to technically sell it for a dollar. As far as the income tax, I am not sure if you would pay a capital gain on it or not... Check with your accountant.

Micheline
If there is a mortgage on the property, then the name on the deed must reflect the name (s) on the mortgage. If you transfer the property to your parents, then they are responsible for all property taxes, and get the writeoff on their taxes. They will not owe taxes on the appreciated gain when you transfer the property, only when they sell the property.